Details for NOTICE OF PUBLIC

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NOTICE OF PUBLIC HEARING ON PROPOSED REVENUE BOND FINANCING BY ECONOMIC DEVELOPMENT AUTHORITY OF MONTGOMERY COUNTY, VIRGINIA Notice is hereby given that the Economic Development Authority of Montgomery County, Virginia (the "Authority"), whose address is 755 Roanoke Street, Suite 2H, Christiansburg, Virginia, will hold a public hearing on the application of Virginia Tech Foundation, Inc., a Virginia nonstock corporation (the "Foundation"), whose address is 902 Prices Fork Road, Suite 4000, Blacksburg, Virginia, which application requests that the Authority issue up to $96,400,000 of its revenue bonds (the "Bonds"), in one or more series and from time to time to finance the plan of finance described below. The Bonds are expected to be issued as qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Authority will loan the proceeds of the Bonds to the Foundation to finance and refinance the costs associated with the following projects (the "Projects"): (1) The acquisition and renovation of two properties located at 205 and 207 Washington Street, Blacksburg, Virginia. These two properties will be used for office use, and are approximately 6,140 square feet and two stories. This Project is owned by the Foundation and is expected to be used by the Foundation or Virginia Polytechnic Institute and State University (the "University"). The maximum principal amount of Bonds expected to be issued for this component of the Project is $1,400,000. (2) The acquisition, construction and development a new Seafood AREC Research facility, which is expected to be located at 15 Rudd Lane and 108 South King Street, in Hampton, Virginia along the Hampton downtown waterfront. The facility is expected to house approximately 15,000 square feet of usable lab and office space, which will consist of approximately two stories plus parking beneath the occupied space. This component of the Project is expected to be owned by the Virginia Tech Real Estate Foundation, Inc. the "Real Estate Foundation") and is expected to be used by the University. The maximum principal amount of Bonds expected to be issued for this component of the Project is $7,000,000. (3) The acquisition, construction and development of the Gilbert Street Project, which is expected to be located at the corner of Turner Street and Gilbert Street in Blacksburg, Virginia. This facility is expected to include a new approximately 236,000 square foot, mixed-use building with approximately five stories, with usable rooftop facilities and a podium deck for parking. This component of the Project is expected to be owned by the CS Shopping Center, LLC, a wholly owned subsidiary of the Real Estate Foundation and is expected to be used by the University. The maximum principal amount of Bonds expected to be issued for this component of the Project is $80,000,000. (4) The renovation and redevelopment of the University-related facilities located at 900 North Glebe Road, Arlington, Virginia, including the renovation and build out of the existing space used by the University. This component of the Project is expected to be owned by VT Research Institute, LLC, a wholly owned subsidiary of the Real Estate Foundation and is expected to be used by the University. The maximum principal amount of Bonds expected to be issued for this component of the Project is $4,500,000. (5) The acquisition, construction, equipping and development of the WVTF/Radio IQ Richmond signal improvement project, which is located at 2450 Inman Avenue, Henrico, Virginia. This component of the Project is expected to include purchasing the license to broadcast on 89.7FM in the Richmond metropolitan area and all associated broadcast equipment including the broadcast tower and land on which the tower and transmission facilities currently sit. This component of the Project is expected to be owned by the Foundation and is expected to be used by the Foundation and the University. The maximum principal amount of Bonds expected to be issued for this component of the Project is $3,500,000. (6) Capitalized interest on the Bonds, a debt service reserve fund for the Bonds and costs of issuance related to the issuance of the Bonds, working capital, routine capital expenditures at the facilities described above and other related costs. The Bonds will not constitute a debt or pledge of the faith and credit of the Commonwealth of Virginia (the "Commonwealth") or any political subdivision thereof, including the Authority and Montgomery County. Neither the Commonwealth nor any political subdivision thereof, including the Authority and Montgomery County, shall be obligated to pay the Bonds, or the interest thereon, or the costs incident thereto, except from the revenues and monies received from the Foundation and pledged therefor, and neither the faith and credit nor the taxing power of the Commonwealth nor any political subdivision thereof, including the Authority and Montgomery County, will be pledged to the payment of the principal of or interest on such Bonds or other costs incident thereto. The public hearing, which may be continued or adjourned, will be held at 11:30 a.m. on June 18, 2019, before the Authority, in the County Administration Conference Room at the County Government Center, 755 Roanoke Street, Christiansburg, Virginia 24073. Any person interested in the issuance of the Bonds or the location or nature of the proposed project may appear at the hearing and present his or her views. Information regarding the Foundation's application is on file and is open for inspection at the Authority's office at 755 Roanoke St., Suite 2H, Christiansburg, Virginia during business hours. Economic Development Authority of Montgomery County, Virginia [Publish on June 4 and June 11] (952970)

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