Fitch Downgrades Westminster-Canterbury on Chesapeake Bay (VA) Rev Bonds to BB+

View analysis at Fitch.

On a forward-looking basis and assuming WCCB is able to proceed with the full scope of its capital plans, debt is expected to increase from $76 million to $496 million (or $508 million inclusive of it $12 million debt guarantee for the Senior Options Community’s acquisition of The Overture).

VIRGINIA BEACH VA DEV AUTH RESIDENTIAL CARE FAC REV Bond Detail.

CUSIP: 92774NAH3

“The City of Virginia Beach extended a conditional use permit to Westminster to contract, among other things, a structure which violates the use regulations and density restrictions for the B-4 mixed use Shore Dive Overlay District. The Demurrers were erroneously sustained.”

The Appeal & opposition to appeal documents.

Rendering used in WAVY coverage.

“There’s a delay in plans to construct Virginia Beach’s [tallest] building along Shore Drive.”

News at WAVY.com.

“A group of neighboring condo owners is continuing a fight to stop the construction permanently. After a circuit court judge dismissed claims that City Council unlawfully approved the $250-million expansion project in 2020, they recently appealed their case to the Supreme Court of Virginia.”

“Resolution to AUTHORIZE the issuance of Residential Care Facility Revenue Bonds not to exceed $110-Million by the City of Virginia Beach Development Authority (VBDA) re Westminster-Canterbury on Chesapeake Bay”

View public comment & discussion at City Council Formal Session that starts at about 1 hour 3 minutes.

View discussion at Virginia Beach Development Authority August 17th.

“Judge Anne Bonwill Shockley in late July, Shockley dismissed all but two of the seven counts brought by several condo associations against the City of Virginia Beach and Westminister-Canterbury.”

View article at WAVY .com:

The judge did leave open the possibility for the condo owners’ legal team to amend one of their counts and come before the court again.

“It’s not over, not yet,” Jeanne Lauer, the attorney for the condo owners, said Tuesday.

We’re expecting…TRIPLETS! We are excited to partner with the Ocean Park Volunteer Rescue Squad (City of Virginia Beach) on THREE new Wheeled Coach Type 1 ambulances.

Check the details at OPVRS website!

You made this happen. Your continued support helped purchase the best and safest equipment for your community.