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Council approves EDA conduit bond support for Westminster Canterbury purchase and refinancing
Summary
Council authorized the city to act as conduit for Economic Development Authority revenue bonds to refinance existing debt and support purchase of roughly 90 acres for Westminster Canterbury of Winchester, Inc.; resolution passed unanimously among members present.
The Winchester City Council approved a resolution allowing the Economic Development Authority to issue and modify revenue bonds to benefit Westminster Canterbury of Winchester, Inc., including refinancing and a new issuance to finance land acquisition.
Jeff Bittner, director of the Economic Development Authority, told council the request is largely administrative and described the proposal as straightforward: the EDA would modify $27,500,000 of existing revenue bonds and issue up to $22,500,000 in new revenue bonds to refinance previous debt and finance the purchase of about 90 acres that straddle the city and Frederick County.
Council members had no substantive questions on the request and moved to approve. The motion carried on a voice vote and was approved by the council members present.
Staff noted tax implications should be addressed with the appropriate county and state officials; the council’s action was to permit the EDA to serve as a conduit issuer for the financing.
