Notice of Public Hearing

By Jenn | August 23, 2019

Ginger Care, Inc.

NOTICE OF PUBLIC HEARING

NOTICE IS HEREBY GIVEN that a public hearing will be conducted by the Rhode Island Health and Educational Building Corporation (the “Corporation”) on Wednesday, September 4, 2019 at 10:00 a.m. at the Corporation’s office located at 55 Dorrance Street, Suite 300, Providence, Rhode Island 02903, on the proposal of Ginger Care, Inc., a Massachusetts non-profit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code (the “Institution”), that the Corporation issue its Senior Living Revenue Bonds, Ginger Care, Inc. Issue, Series 2019B, in a maximum aggregate face amount not to exceed $25,000,000 (the “Bonds”).  The proceeds of the Bonds will be loaned to the Institution and will be used by the Institution to (1) finance the acquisition, renovation, upgrading, equipping and furnishing of Residences at Eastside, a three-story, 78,600 square foot, 101-bed based assisted living facility located on a 7.1-acre lot located at One Butler Avenue, Providence, Rhode Island 02906; (2) fund a debt service reserve fund for the Bonds; (3) fund working capital for the Borrower; (4) fund capitalized interest arising with respect to the Project and the Bonds; and (5) pay certain expenses of issuance with respect to the Bonds.

The owner and/or operator of the project financed with the proceeds of the Bonds will be the Institution.  Neither the State of Rhode Island and Providence Plantations nor the Corporation is obligated to pay the principal or redemption price of or interest on the Bonds and neither the faith and credit nor the taxing power of the State of Rhode Island and Providence Plantations or any municipality or political subdivision thereof is pledged to the payment of the Bonds.  The Corporation does not have taxing power.

Persons interested are invited to offer comments and ask questions with regard to the issuance of the above‑referenced Bonds and the location and nature of the facilities to be financed therewith.  The Corporation is accessible to the handicapped.  Those requesting interpretative service for the hearing impaired must notify the Corporation (401) (831‑3770), forty‑eight (48) hours in advance of this meeting.

Kimberly W. Mooers,
Executive Director
Rhode Island Health and Educational Building Corporation
55 Dorrance Street, Suite 300
Providence, RI 02903
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