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Finance committee forwards EDA bond modification request for Westminster Canterbury
Summary
The committee recommended forwarding a resolution to Council supporting the Economic Development Authority’s modification and issuance of revenue bonds to benefit Westminster Canterbury of Winchester for a real estate purchase and refinancing.
The Finance Committee voted to forward a resolution to City Council recommending approval of an Economic Development Authority (EDA) request to modify existing revenue bonds and issue new revenue bonds for Westminster Canterbury of Winchester.
Jeff Bittner of the EDA explained the package involves modifying a $27.5 million revenue bond and issuing up to $22.5 million in new revenue bonds. The new bond proceeds would support Westminster Canterbury’s purchase of roughly 90 acres contiguous to its existing campus (approximately 20 acres in Frederick County and 70 acres in Winchester City). Part of the transaction is a refinance of outstanding debt.
Committee members asked about fee revenue from bond administration and municipal splits. Staff said the EDA’s primary revenue on such issuances is the bond administration fee; for this project, approximately 80 percent of the fee would be allocated to the city and 20 percent to Frederick County, roughly mirroring the land split. The committee also confirmed that tax-exemption questions related to property tax treatment are outside the EDA’s purview.
After clarifying questions and noting a public hearing requirement had been satisfied at the EDA meeting, the committee unanimously voted to forward the resolution to Council with a recommendation for approval.
