Mahoning County approves resolution allowing Salem to issue up to $120 million in hospital revenue bonds for Shepherd of the Valley

Mahoning County commissioners on Oct. 16 approved a resolution authorizing the city of Salem to issue hospital facilities revenue bonds in an aggregate principal amount not to exceed $120,000,000 to benefit Shepherd of the Valley, county legal counsel said at a public hearing.

Aubrey Searcy, a bond attorney with the law firm identified in the hearing as Dismore and Stoll, said the bonds are tax‑exempt conduit financing being issued by Salem and that Mahoning County’s role is limited to providing the statutorily required public hearing and an elected‑representative approval. “The most important thing to emphasize is this is not an obligation or a debt of Mahoning County,” Searcy said. “It’s solely an obligation of Shepherd of the Valley.”

The hearing was advertised Oct. 7, 2025, and held at about 9:45 a.m. in the Commissioners’ Hearing Room, 120 Market Street, Youngstown. Searcy said the county would also be authorized to enter into a public hospital agencies agreement under Ohio law (Section 140 of the Ohio Revised Code) that permits cooperative financings among political subdivisions. He said the public‑hearing step is required by federal tax law under Section 147 of the Internal Revenue Code and that the county’s approval is that of the applicable elected representative.

Rich Ramonio, identified in the hearing as chief executive officer of Shepherd of the Valley, described the Salem project as a new senior‑living campus and said some bond proceeds also would be used to pay off prior debt that financed facilities in Trumbull and Mahoning counties. Ramonio said Shepherd of the Valley purchased 34 acres for the Salem development and described the planned units as including 36 independent condo villas, about 52 independent apartments marketed as mid‑market units, assisted‑living units, and a wellness center with a gym and dining options. He said construction had started in mid‑September, that the organization had about 75 people on a wait list and six signed contracts, and that Shepherd of the Valley employs just under 200 people and serves roughly 275 residents in Mahoning County.

Commissioners moved to close the public hearing and then approved a bundled set of resolutions (listed as resolutions a through k at the Oct. 16 meeting). Resolution a specifically authorized the county to approve issuance of the city of Salem’s hospital facilities revenue bonds and to authorize executing related documents. The roll call vote approving resolutions a through k was recorded as unanimous in favor; the transcript did not specify individual commissioner votes by name.

Sale timing, interest rates, final bond structure and series sequencing were not specified at the hearing. Searcy said the bonds would be issued in one or more series and that the total principal amount across series would not exceed $120,000,000. The county will not be financially liable for repayment; Shepherd of the Valley is the obligor on the bonds.

Next steps disclosed at the meeting included the county’s entry into the state‑law cooperative agreement and routine administrative steps to complete the issuer/obligor documentation. Specific closing dates, underwriters, or bond pricing were not provided at the hearing.