NOTICE OF PUBLIC HEARING TO BE HELD BY THE
INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE COUNTY OF PRINCE WILLIAM,
NOTICE OF PUBLIC HEARING TO BE HELD BY THE
INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE COUNTY OF PRINCE WILLIAM,
FOR THE BENEFIT OF WESTMINSTER PRESBYTERIAN RETIREMENT
COMMUNITY, INCORPORATED D/B/A WESTMINSTER AT LAKE RIDGE
Notice is hereby given that the Industrial Development Authority of the County of Prince William (the "Authority"), whose address is P.O. Box 2636, Manassas, Virginia 20108, will hold a public hearing on the request of Westminster Presbyterian Retirement Community, Incorporated d/b/a Westminster at Lake Ridge (the "Borrower"), a Virginia nonstock corporation, whose address is 12191 Clipper Drive, Lake Ridge, Virginia 22192, for the issuance by the Authority of up to $42,000,000 of revenue bonds (the "Bonds"), in one or more series from time to time. The Borrower owns and operates, among other things, a continuing care retirement community known as Westminster at Lake Ridge with a campus located in and around 12191 Clipper Drive, Lake Ridge, Virginia 22192 in the County of Prince William, Virginia (the "Campus").
The Authority will loan the proceeds of the Bonds to the Borrower to finance and refinance the following project:
(1) the acquisition, construction, developing and equipping of two additional buildings each with approximately 12
independent living units containing approximately 47,504 square feet of space in the aggregate, all expected to be
located on the Campus;
(2) the refinancing of all or a portion of a previously-incurred taxable debt of the Borrower that financed various capital
improvements at the Campus, which are completed and existing; and
(3) the financing of, if and as needed, capitalized interest on the Bonds, a debt service reserve fund for the Bonds,
costs of issuance related to the issuance of the Bonds, working capital, routine capital expenditures at the Campus
and other related costs (collectively (1), (2), and (3), the "Plan of Finance").
The Bonds will not constitute a debt or pledge of the faith and credit of the Commonwealth of Virginia (the "Commonwealth") or any political subdivision thereof, including the Authority and the County of Prince William, Virginia. Neither the Commonwealth nor any political subdivision thereof, including the Authority and the County of Prince William, Virginia, shall be obligated to pay the Bonds, or the interest thereon, or the costs incident thereto, except from the revenues and monies received from the Borrower and pledged therefor, and neither the faith and credit nor the taxing power of the Commonwealth nor any political subdivision thereof, including the Authority and the County of Prince William, Virginia, will be pledged to the payment of the principal of or interest on such Bonds or other costs incident thereto.
The public hearing, which may be continued or adjourned, will be held at 6:30 p.m. on Monday, April 6, 2026, before the Authority, in the Potomac Conference Room, James J. McCoart Government Administration Building, 1 County Complex Court, Woodbridge, Virginia 22192. The results of the public hearing will be forwarded to the Board of County Supervisors of the County of Prince William, Virginia, which will be asked to give its limited approval of the issuance of the Bonds as required by the Internal Revenue Code and the Code of Virginia of 1950, as amended. Any person interested in the issuance of the Bonds or the location or nature of the Plan of Finance may appear at the hearing and present his or her views.
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PRINCE WILLIAM