Industrial Development Authority
The Industrial Development Authority (IDA) has assisted manufacturing firms, nonprofit (501(c)(3)) organizations, educational institutions and health care organizations, as well as water treatment plants and pollution control facilities. The IDA aims to maintain a high level of employment and create and maintain business opportunities.
How the IDA Works 1. Borrowing money from private sector financing institutions
2. Loaning this money to Montgomery County companies to finance projects
3. Securing below-market interest rates on loans that are tax-exempt to the lender
NOTICE OF PUBLIC HEARING 1 of 2
NOTICE IS HEREBY GIVEN THAT THE BOARD OF DIRECTORS OF THE MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY has scheduled a Board meeting for Wednesday, September 27, 2023, at 8:30 a.m. The meeting is open to the public and will be held in person and via WebEx, at the Montgomery County Commerce Department’s Large Board Room, Human Services Center, 1430 DeKalb Street, 5th Floor, Norristown, PA 19401 and by phone. For questions or comments or to participate via WebEx, contact Jocelyn Gallagher, Deputy Director, Fiscal Management and Operations, Jocelyn.Gallagher@montgomerycountypa.gov, to receive the dial in access and passcode.
NOTICE OF PUBLIC HEARING 2 of 2
Notice is hereby given of a Public Hearing by the Montgomery County Industrial Development Authority (the “Local Sponsor”), on behalf of the National Finance Authority, a component unit created under New Hampshire RSA 162-S of the Business Finance Authority of the State of New Hampshire (the “Issuer”), and the County Commissioners of Montgomery County, Pennsylvania, to be held on September 27, 2023 at 8:30 a.m. via WebEx and in person at its offices located at the Montgomery County Human Services Center, Economic and Workforce Development Office, 1430 DeKalb Pike, 5th Floor, Norristown, PA 19401. Such hearing will be conducted for the purpose of receiving public comment with respect to the proposed issuance by the Issuer of a tax-exempt revenue bond or note in one or more series (the “Bonds”) to finance a project as described below (the “Project”) in Montgomery County on behalf of Whitemarsh Continuing Care Retirement Community, as follows:
A. Initial Legal Owner or Principal User: Whitemarsh Continuing Care Retirement Community (the “WCCRC”), d/b/a The Hill at Whitemarsh, a Pennsylvania nonprofit corporation and an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), which operates a nonprofit, continuing care retirement community.
B. Maximum Stated Principal Amount of the Bonds: $50,000,000.
C. Description of Project: The Project consists of the issuance of qualified 501(c)(3) bonds as defined in Section 145 of the Code, to:
1. Refinance WCCRC’s $3,177,218 Promissory Note dated December 1, 2016 (the “2016 Note”) to Wilmington Savings Fund Society, successor by merger to The Bryn Mawr Trust Company, which 2016 Note (i) refinanced certain outstanding indebtedness, (ii) financed development activities to undertake and complete, among other things, a priority deposit program for prospective new unit purchasers; (iii) financed a portion of the planning, development, acquisition, construction and equipping of the expansion of The Hill at Whitemarsh, including approximately 54 new apartments in 5 two-story residential buildings, a new club house with additional space for common amenities and a renovation of the health center including a dedicated memory care unit; (iv) financed other capital projects and (v) paid for the costs and expenses of issuing the 2016 Note;
2. Finance the renovation and repositioning of WCCRC’s Health Care Center;
3. Finance all or a portion of the planning, development, acquisition, construction and equipping of an expansion of WCCRC, including without limitation an 8-unit independent living apartment building as part of the Hawk Ridge expansion;
4. Finance any reserve deposit, capitalized interest, cost of prepayment, if any, and related working capital costs, if any; and
5. Finance costs of issuance of the Bonds.
D. Location of the Project: The facilities to be financed or refinanced by the Bonds for the benefit of WCCRC are all located at 4000 Fox Hound Drive, Lafayette Hill, Pennsylvania 19444.
At the public hearing, any and all persons in attendance will be afforded an opportunity to comment on the proposed Project and the issuance by the Issuer of its Bonds therefor. This notice is published in accordance with, and the public hearing is held by the Local Sponsor on behalf of the Issuer as the issuer of the Bonds and the County of Montgomery, as required by the Code, and regulations promulgated thereunder. If any accommodation is required in order to participate in the hearing, please contact Jocelyn Gallagher at (610) 278-5141. Anyone wishing to participate remotely by WebEx can call (610) 278-5141 to receive the dial in access number and passcode.
Montgomery County Industrial Development Authority
Board of Directors
- Jason E. Salus, Chair
- Adam Silverman, Esquire, Vice Chair
- Elizabeth Moy, Secretary
- Richard J. DePiano, Jr., Esquire, Treasurer
Phone: 610-688-6830 Ext 103
- Jay M. Lankford
- Robert Tabas
- Derrick Lawson
- Merle R Ochrach, Esq.
- Zelenkofske Axelrod LLC