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Meeting Date:
10/25/2021
TEFRA Bond Issuance - The Landings of Huber Heights
Submitted By:
Bryan Chodkowski
Department:
Division:
Accounting
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
07/20/2021 and 10/19/2021
Audio-Visual Needs:
None
Emergency Legislation?:
Yes
Motion/Ordinance/
Resolution No.:
2021-O-2497
Agenda Item Description or Legislation Title
An Ordinance Giving Applicable Elected Representative Approval In Connection With The Issuance Of Tax Exempt Bonds By The Public Finance Authority, And Declaring An Emergency.
(first reading)
Purpose and Background
As Council was advised in July, 2021, The Landings of Huber Heights, a senior assisted living and memory care facility, is being acquired by a new owner to provide expanded inpatient and outpatient geriatric mental care and treatment; to be licensed and regulated by the State of Ohio. The new owner, SFL Huber Heights, LLC, seeks to fund the purchase and improvement of the facility through tax-exempt bonds to be sold through the Public Finance Authority. To qualify for these tax-exempt bond through the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), the City must approve the sale of such bonds in accordance with the Internal Revenue Code. The new owner originally requested $26,000,000 worth of bonds to be sold. Upon further review, the new owner believes that $30,000,000 in bond proceeds will be necessary to complete the project. Because of the increase in the amount of tax-exempt bonds to be sold through the Public Finance Authority, the City Council is being asked to consider this matter a second time for the higher amount.
The City has no other obligation to this transaction other than its approval. This City is not issuing or purchasing the bonds associated with this matter; nor will the City have any obligation or association to ensure that such bonds are paid.
Prior to acting on approving legislation, the City Council must hold a TEFRA public hearing on the matter.
Fiscal Impact
Source of Funds:
N/A
Cost:
N/A
Recurring Cost? (Yes/No):
N/A
Funds Available in Current Budget? (Yes/No):
N/A
Financial Implications:
Attachments
Ordinance
2021-O-2497
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