HomeMy WebLinkAboutCERTIFICATE OF THE MAYOR OF AUGUSTA APPROVING THE ISSUANCE OF REVENUE BONDS BY THE HOUSING AUTHORITY OF THE CITY OF AUGUSTA, GEORGIA FOR THE BENEFIT OF LDG MULTIFAMILY, LLC CERTIFICATE OF THE MAYOR OF AUGUSTA
APPROVING THE ISSUANCE OF REVENUE BONDS BY
THE HOUSING AUTHORITY OF THE CITY OF
AUGUSTA, GEORGIA FOR THE BENEFIT OF
LDG MULTIFAMILY,LLC
The Housing Authority of the City of Augusta, Georgia (the "Authority") has considered
the application of LDG Multifamily, LLC, a Kentucky limited liability company (the
"Borrower"), requesting that the Authority assist the Borrower in financing the acquisition of a
multifamily housing project in Augusta, Georgia comprised of approximately 240 dwelling units
and located on an approximately 17-acre tract at 3630 Peach Orchard Road (also fronting on
Cemetery Road) in August, Georgia, said project to consist of certain land, buildings, structures,
equipment and related real and personal property (collectively, the"Project"), as identified in the
Notice to the Public, through the issuance of the Authority's revenue bonds in an aggregate
principal amount of not to exceed $19,500,000 (the `Bonds"). The Project will be managed by
Gateway Management Company. The Authority held a public hearing on October 27, 2016, with
respect to such proposed issuance of the Bonds and financing of the Project.
Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"),provides
that the governmental unit having jurisdiction over the issue of revenue bonds and over the area
in which any facility financed with the proceeds of the revenue bonds is located shall approve the
issuance of such revenue bonds.
The Authority issues its revenue bonds on behalf of the consolidated government of the
City of Augusta and Richmond County (the "City") and the Project is located within the City,
and the Mayor constitutes the chief elected executive officer of the City.
The Authority has requested approval of the issuance of the Bonds and the financing of
the Project subject to the terms of the financing to be agreed upon by the Authority, the Borrower
and the purchaser(s) of the Bonds.
The Authority has delivered to the Mayor of the City a certificate regarding the conduct
of the public hearing.
The Mayor of Augusta, Georgia hereby certifies as follows:
Section 1. The issuance of the Bonds by the Authority for the benefit of the Borrower
in an aggregate principal amount of not to exceed $19,500,000 to assist in the financing of the
Project is hereby approved to the extent required by said Section 147(f) of the Code.
Section 2. Such approval by the Mayor does not constitute an endorsement to a
prospective purchaser of the bonds of the creditworthiness of the Borrower or the Project, and
the Bonds shall not constitute an indebtedness or obligation of the State of Georgia or Augusta,
Georgia, but the Bonds shall be payable solely from the revenues derived from the Borrower and
pledged to the payment thereof, and no owner of any of the Bonds shall ever have the right to
compel any exercise of the taxing power of said State or of any municipal corporation, county, or
political subdivision thereof, nor to enforce the payment thereof against any property of said
State or of any such municipal�- corporation, county, or political subdivision.
Thispa U day of De4o (,2016.
By: dif71114"47t,--."11 ---
,/ Hardie Davis, Jr.,Mayor
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