Kanawha

Legal Notices

HOUSING AUTHORITY OF THE CITY OF SOUTH CHARLESTON NOTICE OF PUBLIC HEARING ON HOUSING DEVELOPMENT REVENUE NOTES (SOUTHMOOR APARTMENTS PROJECT) SERIES 2022 AND RELATED MATTERS In accordance with Section 147 of the Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury Regulations promulgated thereunder, a public hearing will be held by the City of South Charleston (the “City”) on the question of whether there should be approved the issuance by the Housing Authority of the City of South Charleston (the “Authority”) of the Housing Development Revenue Notes (Southmoor Apartments Project) Series 2022 (the “Notes”) in one or more tax-exempt or taxable issues by the Authority in an amount not to exceed $14,000,000 along with other funds available therefrom, for the purpose of loaning such funds to Southmoor Redevelopment LP (the “Borrower”) to finance (i) the acquisition of the real and personal property currently known as the “Southmoor Hills Apartments,” comprised of one, two, and three bedroom garden apartments, and three and four bedroom townhouse apartments in 31 separate buildings located at 4992 Richland Drive, South Charleston, West Virginia (the “Existing Facilities”); and (ii) the design, rehabilitation, construction and equipping of renovations and improvements to the Existing Facilities ((i) and (ii) hereinafter referred to as the “Project”), at the general meeting of the City Council of the City of South Charleston to be held at 7:30 p.m. prevailing time, on October 6, 2022, at Council Chambers 401 D St., South Charleston, WV 25303, and at such hearing all parties and interested persons may attend and appear before the Council and express their views on the proposed issuance of Notes and at such hearing all objections and suggestions shall also be heard and the Council shall then take such action as it shall deem proper in the premises. The Existing Facilities are owned and operated by Southmoor Hills Apartments, LP and will be acquired by the Borrower, who will own and operate the Project after the closing date. The Authority will issue the Notes to be used for the Project (which may include reimbursing the Borrower for the acquisition, rehabilitation, construction, equipping of, and the making of certain improvements to the Existing Facilities), such Notes to be secured and payable from loan payments from the Borrower under a loan agreement between the Authority and the Borrower (the “Loan Agreement”), revenues of the Project, a mortgage loan or loans on the Property and r a form or forms of credit enhancement (such as cash collateral, a mortgage-backed security of a government sponsored enterprise, such as Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or a credit facility), and which Notes may be additionally secured by such instruments as the Borrower and Issuer shall agree. The Notes shall bear such dates, mature at such time or times, bear interest at such rate or rates, and contain such other terms and provisions as shall be determined by subsequent action of the Issuer and approved by the Borrower. The Notes shall be special limited obligations of the Issuer, and it is expressly provided that any and all Notes and the interest thereon, as may be issued, shall in no way constitute or become an indebtedness of the Issuer, the City or the State of West Virginia and shall never give rise to any pecuniary liability of the Issuer, the City or the State of West Virginia. The Notes are special obligations of the Authority paid solely from loan payments made to the Issuer from the Borrower and not any of the general revenues of the Authority. The Notes also will be secured by a deed of trust granted by the Borrower on the Project and such other security interests from the Borrower as may be required. No taxes may at any time be levied for the payment of the Notes or the interest thereon. A certified copy of an Inducement Resolution regarding the Project is on file for review by interested persons on each weekday, except holidays, from 8:30 a.m. to 4:30 p.m. in the office of the Housing Authority of the City of South Charleston, 520 Goshorn Street, South Charleston, West Virginia. Dated September 23, 2022 City of South Charleston By: Margie Spence City Clerk LC-137081 09-23;2022