Monday, April 4, 2016

Tax Exempt Bonds Sought for Group Homes

By Walter F. Roche Jr.

The developer of group homes to accommodate current residents of the Greene Valley Development Center is seeking approval for $20 million in tax exempt bonds to refinance its existing homes and finance the new ones.
A hearing on the proposed bond issue to finance construction of new facilities in Greene County has been scheduled for 6 p.m. April 18 at the Greene County Courthouse. Additional hearings have been scheduled for Knoxville, Chattanooga, Memphis and Nolensville.
The funding will enable the construction of area group homes that will be operated by a firm under contract to the Open Arms Care Corp., a Georgia non-profit. Open Arms already operates 32 other group homes in Tennessee with a total of 256 beds.
Under the proposal the tax exempt bonds will be issued by the Health and Educational Facilities Board of Nashville and Davidson County.
Technically the funding will go to a longtime affiliate of Open Arms, WCO AL DP, LLC, which will build the facilities in Greene, Hamilton and Knox Counties and lease them to Open Arms.
According to the official notice of the hearing, new facilities in Greene County will be located at 1404 and 1406 East Church in Greeneville and Chuckey Pike in Chuckey.
According to the announcement the homes will be operated under a contract with Integra Resources, the same firm that runs other Open Arms homes.
The Open Arms homes along with several others are being built to provide new homes for current residents of Greene Valley, which is under a federal court order to shutdown.
In a related development, Sunrise Tennessee, another firm building group homes for Greene Valley residents, has issued a formal request for bids to build a four-bed home at 680 Quaker Knob Creek in Greeneville. Bids will be opened April 12.

EDUCATIONAL FACILITIES BOARD OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, TENNESSEE FOR THE BENEFIT OF WCO AL DP, LLC YOU ARE HEREBY NOTIFIED that on the 18th day of April, 2016, at 6:00 p.m., in the Criminal Courtroom (Top Floor) of the Greene County Courthouse, 101 South Main Street, Greeneville, Tennessee 37743, the Board of Commissioners of Greene County, Tennessee, will hold a public hearing as required by Section?147 of the Internal Revenue Code of 1986, as amended, with respect to the proposed plan of financing involving the issuance by The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Tennessee of its revenue bonds in one or more series from time to time in the aggregate principal amount of not exceeding $20,000,000 for the benefit of WCO AL DP, LLC ( "WCO "), a Tennessee nonprofit limited liability company whose sole member is Woodbine Community Organization (WCO), Inc., a Tennessee nonprofit corporation, the proceeds of such bonds to be loaned to WCO for the purpose of (i) refinancing a loan obtained by WCO and used by WCO to acquire 32 residential treatment facilities for individuals with intellectual disabilities, each containing eight beds, for a total of 256 beds, and four day program service facilities (collectively, the "Existing Facilities "), and (ii) financing the acquisition, construction, installation and equipping of nine residential treatment facilities for individuals with intellectual disabilities, each containing four beds, for a total of 36 beds (collectively, the "New Facilities "), the Existing Facilities being located in the counties of Davidson, Hamilton, Knox, Shelby and Williamson, and the New Facilities to be located in the counties of Greene, Hamilton and Knox. The street addresses where the New Facilities to be located in Greene County will be constructed are as follows (all being residential treatment facilities): 1404 East Church Street, Greeneville, TN 37745 1406 East Church Street, Greeneville, TN 37745 3997 Chuckey Pike, Chuckey, TN 37641 All of the Existing Facilities are owned by WCO, are leased to Open Arms Care Corporation ( "Open Arms "), a Georgia nonprofit corporation, and are managed by Integra Resources, LLC ( "Integra "), a Tennessee limited liability company. All of the New Facilities will be owned by WCO, will be leased to Open Arms, and will be managed by Integra. The bonds proposed to be issued will not constitute an indebtedness or obligation of the State of Tennessee or any county, municipal corporation or political subdivision thereof, including Greene County, Tennessee, but will be payable solely from revenues derived from WCO and pledged to the payment of such bonds. At such public hearing there will be an opportunity for persons to express their views concerning the issuance of the bonds described herein and the nature and location of the Greene County facilities to be financed with the proceeds of such bonds. Anyone may appear in person at such public hearing or submit written comments to be considered thereat. Additional information concerning the above may be obtained from, and written comments should be addressed to, Roger?A. Woolsey, County Attorney, 204 North Cutler Street, Greeneville, Tennessee 37745, telephone (423)798-1779. The Board of Commissioners of Greene County, Tennessee Lori Bryant, County Clerk 4/4/16

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