Public hearing on proposed senior housing project and financial assistance scheduled for March 5, 2025.

NOTICE OF PUBLIC HEARING ON PROPOSED PROJECT AND FINANCIAL ASSISTANCE RELATING THERETO

Notice is hereby given by Ulster County Capital Resource Corporation (the “Issuer”) that a public hearing (the "Public Hearing”) pursuant to Sec- tion 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and as required by the Issuer's certificate of incorporation and Section 859-a of the General Municipal Law of the State of New York (the “Act”), has been scheduled and will be held by the Issuer on the 5th day of March, 2025 at 5:30 o'clock p.m., local time at the Town of Lloyd Town Hall located at 12 Church Street in the Town of Lloyd, Ulster County, New York in connec- tion with the following matters:

Senior Life Foundation, Inc., a Georgia not-for- profit corporation (the "Borrower"), submitted an application (the "Application") to the Issuer, a copy of which Application is on file at the of- fice of the Issuer, which Application requested that the Issuer consider undertaking a project (the "Project") for the benefit of the Borrower, said Project consisting of the following: (A) (i) the construction of an approximately 150,000 square foot facility or facilities (collectively, the "Facil- ity") called The Village in the Hudson Valley to contain approximately 197 independent living se- nior residences, 119 assisted living and memory care senior residences, a community club house, a lift station, and related areas, all to be located on certain real property containing an aggregate of approximately 58.67 acres of land and located at 3679 Route 9W and on Healthcare Center Lane (Tax Map Nos.: 95.2-2-9.110 and 95.2-2-3.212) in the Town of Lloyd, Ulster County, New York (the “Land”), and (ii) the acquisition and installation thereon and therein of machinery and equipment (the "Equipment") (the Facility, the Land and the Equipment being hereinafter collectively referred to as the "Project Facility"), all of the foregoing to be owned and operated by the Borrower for use as a senior housing community or assisted liv- ing facility with independent living under Article 46-B of the New York Public Health Law and any other directly and indirectly related activities; (B) the financing of all or a portion of the costs of the foregoing by the issuance of tax-exempt and/ or taxable revenue bonds of the Issuer in one or more issues or series in an aggregate principal amount sufficient to pay a portion of the cost of undertaking the Project, together with necessary incidental costs in connection therewith, then es- timated to be $120,000,000 and in any event not to exceed $150,000,000 (the "Obligations"); (C) the paying a portion of the costs incidental to the issuance of the Obligations, including issuance costs of the Obligations, capitalized interest and any reserve funds as may be necessary to secure the Obligations; (D) the granting of certain other financial assistance with respect to the forego- ing, including exemption from certain mortgage recording taxes; and (E) the making of a loan of the proceeds of the Obligations to the Borrower or such other person as may be designated by the Borrower and agreed upon by the Issuer.

The Issuer is considering whether (A) to under- take the Project, (B) to finance the Project by issu- ing, from time to time, the Obligations, (C) to use the proceeds of the Obligations to pay the cost of undertaking the Project, together with necessary incidental costs in connection therewith, and (D) to provide certain exemptions from taxation with respect to the Project, including exemption from mortgage recording taxes with respect to any documents, if any, recorded by the Issuer with respect to the Project in the office of the County Clerk of Ulster County, New York or elsewhere.

If issuance of the Obligations is approved, with respect to any portion of the Obligations to be in- tended to be issued as federally tax-exempt obli- gations (such portion being referred to hereinafter as the "Tax-Exempt Obligations"), the interest on such Tax-Exempt Obligations will not be exclud- able from gross income for federal income tax purposes unless (A) pursuant to Section 147(f) of the Code and the regulations of the United States Treasury Department thereunder (the "Treasury Regulations"), the issuance of the Tax-Exempt Ob- ligations is approved by the County Executive of Ulster County, New York (the "County Executive") after the Issuer has held the Public Hearing on the nature and location of the Project Facility and the issuance of the Tax-Exempt Obligations; and (B) pursuant to Section 145(a) of the Code, all prop- erty which is to be provided by the net proceeds of the Tax-Exempt Obligations is to be owned by a Section 501(c)(3) organization or a governmental unit and at least ninety-five percent (95%) of the net proceeds of the Tax-Exempt Obligations are used with respect to (1) governmental units and/ or (2) the activities of Section 501(c)(3) organiza- tions which do not constitute "unrelated trades or businesses” (as defined in Section 513(a) of the Code) with respect to such Section 501(c)(3) or- ganizations.

If the Issuer determines to proceed with the Project and the issuance of the Obligations, (A) the proceeds of the Obligations will be loaned by the Issuer to the Borrower pursuant to a loan agreement (the "Agreement") requiring that the Borrower or its designee make payments equal to debt service on the Obligations and make certain other payments to the Issuer and (B) the Obli- gations will be a special obligation of the Issuer payable solely out of certain of the proceeds of the Agreement and certain other assets of the Is- suer pledged to the repayment of the Obligations. THE OBLIGATIONS SHALL NOT BE A DEBT OF THE STATE OF NEW YORK OR ULSTER COUNTY, NEW YORK, AND NEITHER THE STATE OF NEW YORK NOR ULSTER COUNTY, NEW YORK SHALL BE LI- ABLE THEREON.

The Issuer has not yet made a determination pursuant to Article 8 of the Environmental Con- servation Law (the "SEQR Act") regarding the po- tential environmental impact of the Project.

The Issuer will at said time and place hear all persons with views on the location and nature of the proposed Project Facility, the financial assis- tance being contemplated by the Issuer in con- nection with the proposed Project or the proposed plan of financing the proposed Project by the issu- ance from time to time of the Obligations. A copy of the Application filed by the Borrower with the Issuer with respect to the Project, including an analysis of the costs and benefits of the Project, is available for public inspection during business hours at the offices of the Issuer. A transcript or summary report of the hearing will be made avail- able to the members of the board of directors of the Issuer and to the County Executive. Approval of the issuance of the Tax-Exempt Obligations by Ulster County, New York, acting through its elect- ed County Executive, is necessary in order for the interest on such Tax-Exempt Obligations to quali- fy for exemption from federal income taxation.

Additional information can be obtained from, and written comments may be addressed to: Hillary Nichols, Executive Director, Ulster Coun- ty Capital Resource Corporation, P.O. Box 4265, Kingston, New York 12402; Telephone: (845) 334-

0120.

Dated: February 17, 2026

ULSTER COUNTY CAPITAL RESOURCE CORPORATION

BY: /s/ Michael Ham Chairperson February 20, 2026

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