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Administrative Law

Meeting Notice Detail

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West Virginia Economic Development Authority
Date/Time: 2/2/2024 -- 9:00 AM
Location:
Economic Development Authority Meeting Room
Greenway Building 
Northgate Business Park 
180 Association Drive 
Charleston, WV 25311
Purpose: NOTICE OF PUBLIC HEARING

WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY

(CHRISTOPHER PEACOCK CABINETRY PROJECT)

NOTICE IS HEREBY GIVEN that on February 2, 2024, at 9:00 a.m. prevailing time, the West Virginia Economic Development Authority (the "Issuer") will conduct a public hearing at the Issuers meeting room located at the Greenway Building, Northgate Business Park, 180 Association Drive, Charleston, WV 25311, to review the Project and Bonds described in this Notice. This hearing will be held in connection with the proposed issuance by the Issuer of multiple series of its tax-exempt small issue manufacturing facility revenue bonds (together, the "Bonds") pursuant to Section 144(a) of the Internal Revenue Code of 1986, as amended, (the Code) for the benefit of the Project and the Borrowers, each as defined below.

Issuer: West Virginia Economic Development Authority.

Owner/Borrowers: The expected initial legal owner and principal user of the Project described below is JCO LLC, a West Virginia limited liability company ("Owner"). The Owner, along with its affiliate, The First Aintree Limited Partnership, a limited partnership formed in the state of Connecticut (the Company and together with the Owner, the Borrowers) will be jointly and severally obligated for the repayment of the Bonds to be issued by the Issuer. The principal address of Borrowers is 9 Bettswood Road, Norwalk, CT 06851.

Maximum Principal Amount of Proposed Issuance: The aggregate principal amount of the Bonds will not exceed $10,000,000. The Bonds are proposed to be issued as qualified small issue bonds pursuant to Section 144(a) of the Code for a manufacturing facility.

Project Description: The proceeds of the Bonds will be used to finance a project (the "Project") consisting of paying costs of the planning, design, acquisition, construction, reconstruction, and equipping of manufacturing facilities for cabinets and other home improvement fixtures and products together with warehouse facilities in connection with the expansion of the Owners existing facilities located in Hardy County, West Virginia.

Project Location: The facilities and assets of Owner being financed or refinanced with proceeds of the Bonds constituting the Project are or will be located at Wardensville Industrial Park, 251 Wardensville Industrial Park Drive, Wardensville, West Virginia 26851.

The Bonds will be special limited obligations of the Issuer and will not constitute a debt or a pledge of the full faith and credit or taxing power of the Issuer, the State of West Virginia, or any political subdivision thereof. The Bonds will be payable solely from loan payments to be made by the Borrowers to the trustee for the Bonds (the Trustee) and from certain funds and accounts established with the Trustee in connection with the Bonds as well as collateral security pledged by the Borrowers for repayment of the Bonds.

Members of the public are invited to attend the hearing in person or appear via teleconference line to present oral comments and suggestions and be heard as to the proposed issuance of Bonds and the location and nature of the Project to be financed with the Bonds. Interested individuals may also submit written comments to the Authority at 180 Association Drive, Charleston, West Virginia 25311 or to steven.j.webb@wv.gov on or before 9:00 a.m. on February 2, 2024.

Those wishing to participate may call Dial in Number: 1-888-273-3658,

Participant Code: 9045340.

This Notice is being given and the hearing will be held pursuant to the requirements of Section 147(f) of the Code and the United States Treasury regulations promulgated thereunder.

West Virginia Economic Development Authority

Notes:
Meeting was accepted : 1/22/2024 4:02:28 PM

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Wednesday, February 28, 2024 — 5:47 AM