NOTICE IS HEREBY GIVEN that a public hearing will be held by the Housing Authority of the City of Greenville, South Carolina (the “Issuer”) on behalf of the Issuer, the City of Greenville, South Carolina (“City”) and Greenville County, South Carolina (“County”), on May 1, 2023 at 10:00 a.m., or as soon thereafter as the matter can be heard (the “Public Hearing”), and will be held telephonically by the Issuer, in connection with the issuance by the Issuer of its Multifamily Housing Revenue Bonds (Cherokee Landing Apartments Project) Series 2023, in one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $20,000,000 (the “Bonds”), as part of a plan of financing. The Bonds will be an issue of “exempt facility bonds” issued to finance a “qualified residential rental project” as defined in Section 142(a)(7) of the Internal Revenue Code of 1986, as amended.
Principal User of Bonds and Project. The proceeds of such Bonds, when and if issued, will be loaned by the Issuer to Cherokee Landing, LP, an Indiana limited partnership (the “Borrower”) to (i) provide funds to finance the costs of acquiring, constructing and equipping an approximately 128-unit multifamily housing development and related real estate located in the County, to be known as the Cherokee Landing Apartments (“Project”), and (ii) pay the costs of issuance of the Bonds. The Issuer will issue the Bonds pursuant to the provisions of Chapters 3 and 13 of Title 31 of the Code of Laws of South Carolina, 1976, as amended.
The Project will be located on approximately 16 acres of raw land located at the northwest side of Berea Heights Road, Greenville, South Carolina 29617 bearing a property identification number of B05000100204. The Project will be initially owned and operated by the Borrower.
Limited Obligations. The Bonds will be special, limited obligations of the Issuer and will be secured by and payable solely and exclusively out of loan repayments to be made by the Borrower to the Issuer and certain other funds and accounts established and pledged for the Bonds. The Bonds will not constitute an indebtedness of the Issuer, the State of South Carolina, or any political subdivision thereof within the meaning of any South Carolina constitutional provision or statutory limitation (other than indebtedness payable only from a revenue-producing project or special source) nor give rise to a pecuniary liability of the Issuer, the State of South Carolina, the County, the City or any political subdivision of any of the foregoing. The Bonds will not constitute a charge against the general credit or taxing powers of the Issuer, the State of South Carolina, the County, the City, or any political subdivision of any of the foregoing. The Issuer has no taxing authority.
Teleconference Only. The Public Hearing will be conducted by the Issuer telephonically. All persons who wish to provide comments or listen to the Public Hearing may join by calling toll free at 800.753.1965 (US Toll Free) Access code: 4673083. Members of the public may submit oral or written comments to the Issuer to express their views for or against the proposed issuance of the Bonds or the location and nature of the Project. All persons who wish to submit oral comments during the Public Hearing must contact the Issuer, not less than 24 hours prior to the Public Hearing, via email to [email protected] to inform the Issuer of their desire to speak at the Public Hearing. Those who present comments during the Public Hearing will be permitted to address the Issuer regarding the Project or the Bonds for no more than five (5) minutes. Members of the public may submit written comments to the Issuer via mail to Shawn Williams, CEO, Housing Authority of the City of Greenville, South Carolina, 122 Edinburgh Court, Greenville, South Carolina 29607, or via email to [email protected]. The Issuer will not prepare a transcript of the Public Hearing.
HOUSING AUTHORITY OF THE CITY OF GREENVILLE, SOUTH CAROLINA