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, Esquire, 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 Friday, January 24, 2025, at 10:00 a.m. Central Time. 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 virtually by dialing into 1-866-730-7514, access code 216716#, at which time there will be an opportunity for persons to express their views towards the Project (as hereinafter defined) and regarding a request that the Board issue, in one or more series, multifamily housing revenue bonds pursuant to a common plan of finance in the maximum aggregate principal amount not to exceed Fifteen Million Dollars ($15,000,000) (the “Bonds”), the proceeds thereof to be loaned to APP Hilldale Partners, L.L.L.P., a Tennessee limited liability limited partnership (the “Borrower”), for the purposes of acquiring, constructing, rehabilitating and equipping an aggregate of 148-unit multifamily residential rental facility commonly known as the Hilldale Apartments located at or near 3491 Frayser-Raleigh Road, Memphis, Shelby County, Tennessee 38128 (the “Project”) and to the extent permitted to pay certain costs of issuance, funding a debt service reserve fund and escrow fund, if necessary. The Project will be initially managed by ALCO Management, Inc., and the expected initial principal user is the Borrower.
The Bonds will be issued pursuant to and in accordance with the provisions of Title 48, Chapter 101, Part 3 of the Tennessee Code Annotated (Section 48-101-301 et seq.), as amended (the “Act”).
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 via a phone conference by dialing in to the toll free number provided above (which may be continued or adjourned to a later date), and they will be given an opportunity to express their views, orally or in written form, regarding the proposed issuance of the Bonds and the financing of the Project with the proceeds thereof. Interested persons may also submit their comments prior to the public hearing, via email sent to Mrs. Stephanie Bryant, serving as the Director of Operations for the Board, at stephanie.bryant@memphishehf.com.
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, as amended, and Section 147(f) of the Code.
Daniel T. Reid, Chairman, The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee.