Travis County Commissioners Court
August 30, 2005
Health Facilities Development Corporation
We need to take up the Travis County health facilities development corporation. Number 1 -- I call it to order. Number 1 is a public hearing 1. Public hearing on proposed issuance of retirement facility revenue bonds for the purpose of financing and refinancing the acquisition, construction and equipping by Barton Creek senior living center, inc. Of a continuing care retirement facility to be known as querencia at Barton Creek.
>> move to open the public hearing.
>> second?
>> all in favor? That passes by unanimous vote.
>> I would like to say notice of this was published in the Austin american-statesman more than 14 days ago, regarding the transaction that was discussed here several weeks ago, regarding the financing of an construction of the querencia at Barton Creek project, which is actually number 2 on the agenda when we get there.
>> for those who wish to see a written description of the project they can contact mr. Harvey Davis at Travis County.
>> that's right.
>> any member of the Travis County Commissioners court or the managing director, richard j. Scanlon whose address is available at Travis County, right?
>> that's right. I have all of the information. Yes, sir.
>> we have this -- we had this on the court's agenda two or three weeks ago.
>> several weeks ago.
>> okay.
>> it's a great name by the way. Querencia.
>> looks like a fantastic project to me. Would anyone like to give testimony during this public hearing?
>> judge, can I ask --
>> yes, sir.
>> has there been any you. Wownership, management, I was just asked this weekend by my in laws because they had gone through the initial, you know, stages of I guess merchandising of the property and -- and all of that. They seemed to have thought that -- that the people that were -- that would be owning/managing this facility may have properties -- they have properties in houston. I mean, is that -- has there been some change in when the thing first started being talked about.
>> I’m a board member.
>> have a seat, talk right into that microphone.
>> thank you very much. There has been no change in the -- the board is the owner of the project. There's been no change in the ownership of the project. There has been a change in the development company that we hired.
>> development company.
>> right. The development company has been purchased by a much bigger company. And -- but it has zero impact on the ownership.
>> in fact the prices may go down.
>> exactly. We look forward to cheaper money and, you know, the economies of scale.
>> who was it and who is it now? Who was the --
>> greystone communities was the -- was the development company and -- sunrise assisted living is the -- was the purchaser.
>> okay.
>> where -- and where do they have properties, where are the -- I mean, what examples can we give of places -- because I know -- did greystone do some of the development in houston?
>> it's called the buckingham. Greystone was the developer of that project. They were -- they were the developer of the project in dallas called edgemere, okay. And it was just recently that sunrise purchased greystone.
>> where are places that they have got --
>> sunrise.
>> if somebody wanted to go and see a sunrise development community?
>> okay.
>> the nation's --
>> get to name --
>> once again -- sunrise is the nation's largest operator of assisted living communities. I don't know where within Travis County they necessarily operate.
>> not travis. U.s.
>> u.s. Oh, there's probably about 400.
>> so we have houston, dallas, can somebody go to a property in one of those cities.
>> I can tell you that they have two properties in dallas and one under development in houston. I forget. But yes there are numerous properties within Texas, certainly close to 400 within the united states that somebody could go see, touch and feel. Sunrise is also a new york stock exchange registered corporation.
>> okay. On both their websites they list all of their properties. I have looked at both greystone and sunrise's website. They do list all of their properties on the website.
>> my in-laws live in houston, they were so excited that they could physically go to a place that showed what they were able to do, that was -- I will tell them they need to make a trip up to dallas now.
>> keep in mind the continuum of care in the retirement community product is unique, the one in a your in-laws will be moving into. Sunrise did not have that product, per se. That was why they were interested in purchasing greystone. Greystone specialized in the continuing care retirement community product.
>> okay. Thank you.
>> okay.
>> anybody wishing to give testimony during this public hearing?
>> move to close the public hearing.
>> second.
>> all in favor? That passes by unanimous vote. 2. Consider and take appropriate action to approve resolution for the issuance of revenue bonds with respect to certain health facilities of Barton Creek senior living center, inc. And authorizing the execution and delivery of all financing documents related to the issuance, sale and delivery of such bonds, including bond trust indentures, loan agreements, a bond purchase agreement and other documents in connection therewith. Our lawyers have been busy lately.
>> yes, sir.
>> this is the action item associated with the project?
>> yes, sir, it is. And we have reviewed all of the documents and they are in order. In fact I -- I talked to lad this morning as a matter of fact he called me from iraq and -- [laughter] -- just to make -- be sure that I conveyed that he's doing fine and just wanted to -- for me to tell everyone hello. I believe his memo was distributed last week, so you've got that. And rich scanlon with ziegler who is underwriting this transaction is here to provide a little bit of additional information. I think harvey had a little bit of due diligence he wanted to report on, too. Do you want to go first.
>> I just want to report to the board that I have contacted issuers of both the buckingham and the edgemere projects that greystone has done and several issuers that zigler have been involved in, all have given me positive feedback.
>> we have on page 13 a transaction guide -- time line. And as far as we know, that is still in effect?
>> yes, sir.
>> okay. We are -- subsequent to the -- to the prawflt -- to the approval by this body, we anticipate printing the preliminary official statement by the end of this week and that will allow us to begin marketing the bonds right after labor day, with anticipated closing on September 29th.
>> okay. Anything further? Cliff, can you think of any reason why the board should not do this?
>> no, sir. From a legal perspective, all of the documents are standard and obviously the attorney general will sign-off on this before we close anyway, so --
>> judge, because my blood runs orange, I want to make sure that we acknowledge the presence of the greatest coach in the history of the university of Texas, also in our presence, so this is like a big deal day for me, aside from this deal. So this is like cool for me.
>> can't even vote for you. He's in precinct 3. [laughter]
>> you know, redistricting is right around the corner, Gerald. [laughter] I might just try to get the coach back. So pleased to see you.
>> [laughter]
>> I have fred achers that live in present one, you have one in precinct 3. Something in common by having two great coaches of the university of Texas.
>> it's baseball, but I’ve got augie garrido in mine. [laughter]
>> it's amazing -- [multiple voices]
>> oklahoma game [laughter] [multiple voices]
>> obviously we are not interested in this deal. Just wanted the coaches --
>> move approval.
>> second.
>> discussion? All in favor? That passes by unanimous vote.
>> move adjourn.
>> good luck to you.
>> thank you.
>> thank you.
>> all in favor? That passes by unanimous vote, too.
>> thank you.
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Last Modified:
Wednesday, August 31, 2005 12:10 PM