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 Wednesday, February 7, 2018, commencing at 10:00 a.m. Memphis 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 (Gospel Gardens Project), Series 2018, in one or more series, in an aggregate principal amount not to exceed Eighteen Million Dollars ($18,000,000) (the “Bonds”) the proceeds of the sale thereof to be loaned to Gospel Gardens TN TC, LP, a Tennessee limited partnership, an affiliate of Millennia Housing Development Ltd., an Ohio business entity authorized to conduct business in the State of Tennessee (the “Borrower”) for the purpose of: (i) acquiring and rehabilitating a certain 200 unit multi-family residential rental project located at or near 4801 Farris Circle, Memphis, Shelby County, Tennessee 38109 (the “Project”) and (ii) to the extent permitted to pay certain costs of issuance. The Project will be managed by Millennia Housing Management, Ltd.
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, the County of Shelby, 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. The Board has no taxing power.
The Bonds will be payable solely from revenues derived from the Project.
The Board has appointed Martin Edwards, Jr., Executive Director, 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 Martin Edwards, Jr., Executive Director, The Health, Educational and Housing Facility Board of the City of Memphis, 65 Union Avenue, Suite 1120, Memphis, Tennessee 38103, telephone number (901) 527-6400.
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