For the purpose of Section 147(f) of the Internal Revenue Code of 1986, as amended, notice is hereby given that the Escambia County Housing Finance Authority (the “Authority”), for and on behalf of the Board of County Commissioners of Escambia County, Florida, will hold a public hearing at 2:00 p.m. on Thursday, August 22, 2019, in the conference room of the Authority located at 700 South Palafox Street, Suite 310, Pensacola, Florida 32502, to consider a plan of finance for the issuance of bonds for the following purposes:
The Authority proposes to issue not exceeding $6,500,000 in aggregate principal amount of its revenue bonds (the “Bonds”), in one or more installments or series and loan the proceeds of such Bonds to Springhill Apartments, LLC, a limited liability company of the State of Florida, whose principal place of business is 2409-A Mall Drive, North Charleston, South Carolina 29406, or its affiliate or subordinate nonprofit corporation (as applicable, the "Company"), or a limited liability company of which the Company is the managing member or a limited partnership of which the Company is the general partner (as applicable, the “Borrower”) for the purpose of financing or refinancing the costs of acquiring, upgrading, reconditioning, rehabilitating, improving and beautification by the Borrower of an existing multifamily rental housing facility presently containing 76 units known as Springhill Apartments (also known as Madison Heights Apartments), located at 150 SW Bum Gardener Drive, Madison, Florida 32340 (the “Apartments”), to provide rental housing facilities for persons of low, very low, middle, and moderate income. The Apartments will be owned and operated by the Borrower.
The Bonds, when issued, will be special, limited obligations payable solely out of the revenues derived from the financing agreement with the Borrower. The Bonds and interest thereon shall never pledge the taxing power, or constitute the debt or indebtedness of the Authority, Escambia County, Florida, the State or any other political subdivision, public agency or municipality thereof within the meaning of any constitutional or statutory prohibition. The Authority has no taxing power.
At the time and place fixed for said public hearing all who appear will be given an opportunity to express their views for or against the proposal to approve said Bonds and the plan of finance regarding the Project cited above. Prior to said public hearing, written comments may be delivered to the Executive Director of the Authority at 700 South Palafox Street, Suite 310, Pensacola, Florida 32502. All persons are advised that, if they decide to appeal any decision made by the Authority with respect to any matter considered at this meeting, they will need a record of the proceedings, and for such purpose, they may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. All interested persons are invited to present their comments at the time and place set forth above.
The Authority will thereafter submit its public hearing report concerning this public hearing to the Board of County Commissioners, Escambia County, Florida, for issuer approval as the applicable elected representative for the issuance of the Bonds.
Pursuant to the Americans with Disabilities Act, persons needing special accommodation to attend the hearing must contact the Authority at (850) 432-7077 at least five (5) business days prior to the hearing.
Sandra J. Ward, Chair
Escambia County Housing Finance Authority
Pensacola News Journal
Legal No.3714810 1T 8/04/19
August 4, 2019