NOTICE OF PUBLIC HEARING
Notice is hereby given that the Industrial Development Authority of the Town of Farmville, Virginia (the “Authority”), whose office is located at 116 North Main Street, Farmville, Virginia 23901, will hold a public hearing on the plan of financing of Longwood University Real Estate Foundation, a Virginia nonstock, nonprofit corporation (the “Borrower”), or an affiliated entity of the Borrower (each, an “Affiliate”), whose principal place of business is located at 515 Main Street, Farmville, Virginia 23909, for the issuance by the Authority of its revenue bonds (the “Series 2012 Bonds”) in an amount not to exceed $45,000,000 to assist the Borrower in the financing and/or refinancing all or a portion of (1) the costs of acquiring, planning, designing, constructing and equipping of (a) a student housing facility to be known as the “North Campus Residential Village” consisting of approximately 454 student beds, and related facilities including without limitation residence halls, media room, student lounge areas, meeting rooms, student dining facilities, common areas, community building, athletic fields, basketball, volleyball and picnic shelter improvements, fitness facilities, clubhouse, and mail facilities consisting of approximately 215,000 total improved square feet and approximately 360 parking spaces, together with related improvements located at or near a road/address to be known as 1100 Cormier Street, Farmville, Virginia, 23901, (b) a pedestrian and vehicular bridge providing access to and between the campus of Longwood University (the “University”), the Project and the Borrower's other student housing facilities located to the northwest of the campus of the University, and (c) water and sewer infrastructure, utility, parking and related site development improvements related to certain of the foregoing and associated facilities (collectively, the “Project”), all of which will be owned by the Borrower, operated by the University, and constructed on a parcel or parcels of approximately 63 acres of land in the Town of Farmville proximate to the campus of the University, such land being owned or leased by the Borrower; (2) funding any required reserve funds for debt service on the Series 2012 Bonds; (3) funding capitalized interest on the Series 2012 Bonds during construction of the Project and for a period not to exceed one year after the date on which construction of the Project is completed; and (4) paying all or a portion of the costs of issuance of the Series 2012 Bonds.
The Series 2012 Bonds will not constitute a debt or pledge of the faith and credit of the Authority or the Town of Farmville, Virginia, and neither the faith and credit nor the taxing power of the Commonwealth of Virginia or any political subdivision thereof, including the Town of Farmville, Virginia, will be pledged to the payment of such Series 2012 Bonds.
The public hearing, which may be continued or adjourned, will be held before the Authority at 9:00 a.m. on Wednesday, June 27, 2012, in the Conference Room on the Main Level, Town Hall, at 116 North Main Street, Farmville, Virginia 23901. Any person interested in the issuance of the Series 2012 Bonds or the location or nature of the Project may appear at the hearing and present his or her views.
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE TOWN OF FARMVILLE, VIRGINIA