TEFRA Bond Issuance - The Landings at The Heights - $30,000,000 - TEFRA Public Hearing
Submitted By:
Anthony Rodgers
Department:
City Council
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
10/19/2021
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/ Resolution No.:
Agenda Item Description or Legislation Title
A Public Hearing Scheduled For October 25, 2021 By The Huber Heights City Council As Required By Section 147(f) Of The Internal Revenue Code Of 1986 As Amended With Respect To The Proposed Issuance By The Public Finance Authority Of Tax-Exempt Health Care Facilities Revenue Bonds, Series 2021 (SLF Huber Heights LLC Obligated Group Project) In One Or More Series In An Amount Not To Exceed $30,000,000.
Purpose and Background
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 thr 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 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; not will have any obligation or association to ensure that such bonds are paid.
Prior to acting on approving legislation, the City Council must hold a public hearing on the matter. The public hearing notice has been published as required (see attached).