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 Corbin I. Carpenter, Esq., General 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 Wednesday, April 17, 2024, at 12:00 p.m. CDT. Due to prevailing law, including Rev. Proc. 2022-20, there will be NO physical meeting. Access to and participation in the public hearing will be made available by phone at the time stated above by dialing into 1-866-730-7514, passcode 216716#, at which time there will be an opportunity for persons to express their views concerning a request that the Board issue its Student Housing Revenue Bonds (University of Memphis Project), Series 2024 Bonds, in one or more series and as part of a plan of finance, in the maximum aggregate principal amount not-to-exceed Eighty-Five Million Dollars ($85,000,000) (the “Bonds”). The proceeds of the Bonds are to be loaned to Madrone Memphis Student Housing I, LLC, a Tennessee limited liability company (the “Borrower”), which is a wholly owned subsidiary and whose sole member is Madrone Community Development Foundation, a California public benefit corporation and an organization exempt from federal income tax under Section 501(c) of the Code, for the purposes of financing: (i) the acquisition, construction and equipping of student housing facilities to be located at 4111 South MSU-B Street, University of Memphis, Memphis, Tennessee 38152, on the Park Avenue Campus of the University of Memphis (the “University”) in Memphis, Tennessee, including but not limited to all associated site development, demolition of existing improvements, common area space, and off-site infrastructure improvements (collectively the “Project”); and (ii) to the extent permitted, payment of certain costs of issuance, funded interest and directly related working capital, and funding a debt service reserve fund and other reserve funds, if necessary. The Project is expected to be owned by the Borrower and used by the University, which will also be the expected initial manager of the Project.
The Bonds will be issued pursuant to Title 48, Chapter 101, Part 301 of the Tennessee Code Annotated, as amended (the “Act”), and will be qualified 501(c)(3) bonds pursuant to Section 145 of the Internal Revenue Code of 1986, as amended.
THE BONDS IF ISSUED SHALL NOT REPRESENT OR CONSTITUTE A DEBT OR PLEDGE OF THE FULL FAITH AND CREDIT OR THE TAXING POWER OF THE BOARD, THE CITY OF MEMPHIS, TENNESSEE, 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 public hearing can be obtained from: The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee, 65 Union Avenue, Suite 1120, Memphis, Tennessee 38103, (901) 527-6400, website: www.memphishehf.com. 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, regarding the proposed issuance of the Bonds and the financing of the Project with the proceeds thereof.
This Notice of Public Hearing 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, Chairman, The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee.