Commissioners approve up to $180 million in tax-exempt bonds for The Hill at White Marsh

The Montgomery County Board of Commissioners voted Feb. 3 to approve a resolution authorizing the issuance of up to $180,000,000 in tax-exempt revenue bonds for White Marsh Continuing Care Community, doing business as The Hill at White Marsh.

Steve Forster, director of commerce, told the board the bonds would refinance several earlier series of bonds, repay an associated rate swap agreement and fund an interest reserve. He said the bonds would be issued by the Montgomery County Industrial Development Authority and noted the transaction had been approved by the IDA following a TEFRA hearing on Jan. 2026. “Because the refinancing is for a Montgomery County based entity, the tax equity and fiscal responsibility act of 1982 or TEFRA requires approval by the highest elected official in the county where the funds are to be utilized,” Forster said.

Forster told commissioners the refunding benefits county residents by improving the community’s balance sheet, extending the term of debt and preserving jobs. He also said neither Montgomery County’s general credit nor its taxing authority are pledged as security and that the county therefore takes no financial risk or obligation from the transaction.

The motion to approve the resolution was offered by the presiding commissioner (identified in the transcript only by speaker label) and seconded by Commissioner Pakesha. A voice vote followed, with commissioners responding “Aye” and the motion carrying.

The board took no other formal action related to the project during the meeting. For background, Forster said The Hill at White Marsh was founded in the early 2000s, is located in White Marsh Township in Montgomery County and provides independent living, assisted living, skilled nursing and memory care services.