The Lee County Industrial Development Authority adopted a resolution on April 26, 2019, granting its preliminary approval for the issuance of its Private Activity Healthcare Facilities  Revenue Bonds in one or more series of tax-exempt healthcare facilities improvement revenue bonds in an initial aggregate principal amount not to exceed $118,000,000 and loaning the proceeds thereof to Shell Point for the principal purposes of: (1) financing and refinancing a portion of the costs (including reimbursement for prior related expenditures) relating to the acquisition, construction and equipping of a 6-story approximately 196,952 square foot health center to be known as the Waterside Health Center, which will provide approximately 180 skilled nursing beds, comprised of 164 private rooms and 8 companion rooms, and including a medical clinic, physical therapy, dental and pharmacy facilities, multi-purpose meeting rooms, administrative offices, kitchen and related amenities; and the acquisition, construction and equipping of various capital improvements to the existing senior living facilities of the Obligated Group as part of its capital improvement program located at 1500 Shell Point Boulevard, (2) funding capitalized interest for approximately 24 months, (3) funding any necessary reserves, and (4) paying costs related to issuance of the Series 2019 Bonds.

The approval being requested of the Board of County Commissioners is solely to comply with federal tax laws. Neither the County nor the IDA will have economic or financial liability or responsibility for the bonds.