NOTICE OF PUBLIC HEARING OF THE HEALTH, EDUCATIONAL AND HOUSING
FACILITY BOARD OF THE CITY OF MEMPHIS, TENNESSEE RELATIVE TO A
PROPOSED REVENUE BOND ISSUE
NOTICE IS HEREBY GIVEN that Charles E. Carpenter, Esq., Legal Counsel to The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee (the "Board") has been appointed as representative of the Board to hold a public hearing, as required under Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), on September 18, 2019 at 10:15 a.m. in the conference room of the Board located 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 (Oakshire Downs Apartments & Townhomes Project), Series 2019, in one or more series, in an aggregate principal amount not to exceed Eighteen Million Five Hundred Thousand Dollars ($18,500,000) (the “Bonds”) the proceeds thereof to be loaned to TN Affordable Housing, LLC, a Tennessee limited liability company (the "Borrower") for the purpose of (i) financing the acquisition, design, construction, reconstruction, installation and equipping of approximately 301 units of multifamily residential rental facilities located at 1717 Crimson Circle, Memphis, Shelby County, Tennessee 38116 (the "Project"), and (ii) to the extent permitted to pay certain costs of issuance, funding a debt service reserve fund and escrow fund, if necessary. The initial manager of the Project will be LEDIC Management Company.
The Bonds will be issued pursuant to Part 3, Chapter 101, Title 48 of the Tennessee Code Annotated (the “Act”). THE BONDS IF ISSUED SHALL NOT REPRESENT OR CONSTITUTE A DEBT OR PLEDGE OF THE FAITH AND CREDIT OR THE TAXING POWER OF THE BOARD, THE CITY OF MEMPHIS, THE STATE OF TENNESSEE, OR ANY POLITICAL SUBDIVISION THEREOF. NOR SHALL THE BONDS BE PAYABLE FROM ANY FUNDS OR PROPERTY OTHER THAN THOSE PLEDGED TO THE PAYMENT THEREOF. THE BONDS WILL BE PAYABLE SOLELY FROM REVENUES DERIVED FROM THE PROJECT. THE BOARD HAS NO TAXING POWER.
Further information concerning this hearing can be obtained from Martin Edwards, Jr., Executive Director, The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee, 65 Union Avenue, Suite 1120, Memphis, Tennessee 38103, telephone number (901) 527-6400. Any person interested in the issuance of the Bonds or the location or purpose of the assets to be financed with the proceeds of the Bonds is invited to attend the public hearing (which may be continued or adjourned to a later date), and they will be given an opportunity to express their views both orally and in written form concerning the proposed issuance of the Bonds and the financing of the Project with the proceeds thereof.
This Notice is given pursuant to the provisions of the Act, Sections 8-44-101 to 8-44-111 inclusive of the Tennessee Code Annotated, and Section 147(f) of the Code.
Daniel T. Reid, Chair, The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee