NOTICE OF PUBLIC HEARING
Notice is hereby given that The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee (the “Board”), will conduct an open and public hearing, as required under Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) on Monday, July 9, 2018, commencing at 10:00 a.m. Central Daylight Time at 65 Union Avenue, Suite 1120, Memphis, Tennessee 38103, at which time there will be an opportunity for persons to express their views concerning a request that the Board issue its Multifamily Housing Revenue Bonds (East Gate Village Apartments Project), Series 2018, in one or more series, in an aggregate principal amount not to exceed Eight Million Five Hundred Thousand Dollars ($8,500,000) (the “Bonds”) the proceeds of the sale thereof to be loaned to East Gate Village Preservation, LP, a Tennessee limited partnership (the “Borrower”) for the purpose of: (i) equipping and substantially rehabilitating a certain 100 unit multi-family residential rental facility located at 515 Nash Street, Union City, Obion County, Tennessee 38261 (the “Project”) and (ii) to the extent permitted to pay certain costs of issuance. The Project will be managed by TESCO Properties, Inc.
The Bonds will be issued pursuant to the provisions of Title 48, Chapter 101, Part 3, Section 48-101-301 et seq., Tennessee Code Annotated, as amended (the “Act”), and as required by the Act, the Bonds shall not constitute a debt of the City of Memphis, Tennessee, Union City, Tennessee, the County of Shelby, Tennessee, the County of Obion, Tennessee the State of Tennessee or any other political subdivision thereof. None of said City, County, State or any political subdivision thereof shall be liable upon the Bonds, nor shall the Bonds be payable from any funds or property other than those pledged to the payment thereof. Neither the Board nor the Union City Board has taxing power.
The Bonds will be payable solely from revenues derived from the Project.
The Board has appointed its General Counsel, Charles E. Carpenter, Esquire as its representative for the purpose of holding this public hearing. Interested persons who wish to express their views either orally or in writing concerning the proposed issuance of the Bonds or the location or nature of the facilities to be financed thereby will be given the opportunity to do so at the above stated time and place. Additional information concerning the Project may be obtained from, and written comments should be addressed to either Martin Edwards, Jr., Executive Director, 65 Union Avenue, Suite 1120, Memphis, Tennessee 38103, telephone number (901) 527-6400; or Kathy Dillon, City Manager, 408 South Depot Street, Union City, Tennessee 38261, telephone number (731) 885-1341.
This notice is given pursuant to the provisions of the Act, Sections 8-44-101 to 8-44-108 inclusive of the Tennessee Code Annotated, and Section 147(f) of the Code.
Daniel T. Reid, Chairman
The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee