Title
A Resolution of the City Commission of the City of Gainesville, Florida authorizing the issuance of Continuing Care Retirement Community Revenue Refunding Note (Oak Hammock at the University of Florida, Inc. Project) Series 2017A and Continuing Care Retirement Community Revenue Refunding Note (Oak Hammock at the University of Florida, Inc. Project) Series 2017B (B)
Explanation
Oak Hammock at the University of Florida, Inc., a Florida not-for-profit corporation (the "Borrower") has requested the City assist them by the issuance of Continuing Care Retirement Community Revenue Refunding Notes Series 2017A and 2017B (the "Notes".) The purpose of the Notes is to allow the Borrower to refinance the costs of acquiring, constructing and equipping the realty consisting of approximately 136 acres of land at 5100 S.W. 25th Boulevard, Gainesville, Florida and a continuing care retirement community facility containing approximately 800,000 square feet of space including (a) independent living units consisting of two multi-unit apartment buildings, villas and club homes, (b) an assisted living center with residential living suites and memory support units, (c) a health center with private skilled nursing beds, (d) a commons building, (e) related common areas and infrastructure improvements, (f) additional facilities, acquired and/or constructed by the Borrower, and (g) and acquisition or construction of related and appurtenant facilities, fixtures and equipment (collectively, the "Project"), and to finance the costs of issuance. The Project is owned and operated by the Borrower.
Chapter 159, Part II, known as the Florida Industrial Development Financing Act, provides that the City is authorized to serve as the issuer of financing for projects that serve a public purpose consistent with Article VII, section 10 (C) of the Florida Constitution by advancing the economic prosperity and general welfare of the City and that is in the common interest of the citizens of the...
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