Notice is hereby given that the undersigned, on behalf of the Kentucky Economic Development Finance Authority (the “Authority”), will conduct a public hearing at 9:00 a.m., Eastern Time, on October 30, 2025, in COT conference room 570SE on the 5th Floor of the Mayo Underwood Building, 500 Mero Street, Frankfort, Kentucky, regarding the proposed issuance by the Authority of its industrial building revenue bonds (the “Bonds”) in an aggregate principal amount not to exceed $72,500,000 for the benefit of CommonSpirit Health (“CommonSpirit”).
The proceeds of the Bonds may be used to (a) finance, refinance, pay, or reimburse the costs of certain of the projects described below; (b) refinance the Existing Debt described below; (c) pay certain expenses incurred in connection with the issuance of the Bonds; and (d) fund a debt service reserve fund for, and/or capitalized interest on, all or any portion of the Bonds.
The “Existing Debt” consists of a portion of a taxable loan that refinanced on an interim basis the Authority’s Revenue Bonds (Catholic Health Initiatives) Series 2011B-3 (the “2011 Bonds”). The proceeds of the 2011 Bonds were used to pay, reimburse, or refinance (including the refinancing of certain commercial paper notes the proceeds of which were used to refinance on an interim basis the Authority’s Variable Rate Revenue Bonds (Catholic Health Initiatives) Series 2004D), the costs of certain of the projects described below.
The projects to be financed or refinanced by the Bonds (collectively, the “Projects”) are owned or operated by CommonSpirit, Saint Joseph Health System, Inc., Flaget Healthcare, Inc., and/or their subsidiaries or affiliates. The Projects consist of the financing or refinancing in the amounts no greater than those listed below of the costs of the acquisition, construction, renovation and installation of certain additions and improvements to and equipment at the healthcare facilities described below (including the related land, parking garages, office buildings, clinics, warehouses and other buildings located on the campuses identified below), all in Kentucky:
St. Joseph Hospital (Lexington): Up to $23,000,000 at the campus, which is bordered generally by Waller Ave to the northeast, St. Joseph Drive to the southeast, Bob O Link Dr to the southwest and Harrodsburg Rd to the northwest and is identified by various addresses including but not limited to One Saint Joseph Dr, Lexington;
St. Joseph Office Park (Lexington): Up to $500,000 at the campus, which is bordered generally by Mason Headley Rd to the north, Harrodsburg Rd to the southeast, and Shaker Dr to the west and is identified by various addresses including but not limited to 1401 Harrodsburg Rd, Lexington;
St. Joseph East (Lexington): Up to $24,000,000 at the campus, which is bordered generally by Richmond Rd to the south, Blazer Pkwy to the north, Yorkshire Blvd to the east, and N Eagle Creek Dr to the west and is identified by various addresses including but not limited to 150 and 170 N Eagle Creek Dr, Lexington;
St. Joseph London (London): Up to $7,750,000 at the campus, which is bordered generally by Interstate I-75 to the east and Parker Rd to the west and is identified by various addresses including but not limited to 1001 Saint Joseph Dr, London;
St. Joseph Mount Sterling (Mount Sterling): Up to $7,250,000 at the campus, which is bordered generally by Falcon Dr to the south, Maysville Rd to the west, I-64 to the north, and farmland to the east, and is identified by various addresses including but not limited to 225 Falcon Dr, Mount Sterling; and
Flaget Memorial Hospital (Bardstown): Up to $10,000,000 at the campus, which is bordered generally by New Sheperdsville Rd to the east, and private roads to the north, west, and south, and is identified by various addresses including but not limited to 4305 New Sheperdsville Rd, Bardstown.
CommonSpirit reserves the right to allocate and reallocate the proceeds of Bonds to any of the locations set forth in this notice, notwithstanding the dollar amounts set forth herein.
This public hearing is required by Section 147(f) of the Internal Revenue Code of 1986, as amended. Interested persons who wish to express their views either orally or in writing concerning the proposed issuance of Bonds or the location and nature of the Projects to be refinanced and/or financed thereby will be given the opportunity to do so at the above stated time and place or by zoom using the following link: https://us02web.zoom.us/j/81903561225 (meeting ID 819 0356 1225). Additional information concerning the Projects may be obtained, and any other prior inquiry or comment concerning the Projects may be made, by contacting the undersigned at 500 Mero Street, 5th Floor, Frankfort, Kentucky 40601, telephone (502) 782-1922.
Kylee Palmer
Deputy Commissioner
Department for Financial Services
Cabinet for Economic Development
Commonwealth of Kentucky
NOTICE DATED: October 22, 2025
