Public Hearing – Abbott Arms Bonds
NOTICE OF A PUBLIC HEARING REGARDING HOUSING AUTHORITY OF THE CITY OF CAYCE, SOUTH CAROLINA
MULTIFAMILY HOUSING REVENUE BONDS
(ABBOTT ARMS PROJECT)
NOTICE IS HEREBY GIVEN that, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, the City Council of the City of Cayce, South Carolina (“City”) will hold a public hearing (“Public Hearing”) on its own behalf and on behalf of the Housing Authority of the City of Cayce, South Carolina (the “Authority”), regarding the above-referenced bond issuance by the Authority on September 22, 2021 at 5:00 p.m., or as soon thereafter as the matter can be heard. The Public Hearing will be held in Council Chambers, Cayce City Hall, 1800 12th Street, Cayce.
The Authority, a city housing authority organized under and pursuant to the provisions of Title 31, Chapter 3, Article 5 of the Code of Laws of South Carolina 1976, as amended, intends to issue its Multifamily Housing Revenue Bonds (Abbott Arms Project) Series 2021 in an aggregate principal amount not to exceed $25,000,000 (the “Bonds”) to finance a loan to DGA Cayce LP, a Tennessee limited partnership (the “Borrower”). The proceeds of the Bonds will be used to (i) provide funds to finance the costs of acquiring and rehabilitating a 100-unit multifamily development located in the City known as Abbott Arms (“Project”), and (ii) pay the costs of issuance of the Bonds.
The Project is located at 2011 Wilkinson Street, Cayce, South Carolina 29033. The Project will be initially owned by FAH Holdings – Cayce, LLC and operated by the Borrower.
The Bonds are special, limited obligations of the Authority payable solely out of the revenues derived from the repayment of the loan by the Borrower and certain funds and accounts established for the Bonds. The Bonds will not constitute an indebtedness of the City, the State of South Carolina (“State”) or any political subdivision thereof within the meaning of any State 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 City, the State, or any political subdivision thereof. The Bonds will not constitute a charge against the general credit or any taxing powers of the City, the State, or any political subdivision thereof.
Any persons who wish to present comments during the Public Hearing to express their views for or against the proposed issuance of the Bonds, the location and nature of the Project, or the use of the proceeds of the Bonds must sign up with the City’s Municipal Clerk no later than the beginning of the Public Hearing. Oral comments will be limited to not more than 5 minutes in duration. Those who present comments during the Public Hearing will be permitted to address the City regarding the Project or the Bonds. Members of the public may also submit views to the City in writing to Municipal Clerk, 1800 12th Street, Cayce, South Carolina 29033 or via email to [email protected].
CITY COUNCIL OF THE CITY OF CAYCE, SOUTH CAROLINA
This article was originally published on Tuesday, September 14, 2021.