Proposed Issuance of Bonds for Multifamily Housing
NOTICE OF PUBLIC HEARING
Notice is hereby given that the Housing Authority of Prince George’s County, Maryland (the “Housing Authority”) will hold a public hearing in connection with the proposed issuance by the Housing Authority, as its limited obligations and not upon its faith and credit, of one or more series of its Multifamily Housing Revenue Bonds (Park Tanglewood Project) (or otherwise appropriately designated) (the “Bonds”). The public hearing will be held in Room 208B, 2nd Floor, 9200 Basil Court, Largo, Maryland 20774, on Thursday, November 10, 2016, at 5:00 p.m.
The proceeds of the Bonds will be loaned by the Housing Authority to Tanglewood Venture, LP, a Maryland limited partnership (the “Facility Applicant”), and used by the Facility Applicant to (i) finance the acquisition of an 180-unit multi-family housing facility, comprised of 1 building, located on an approximately 3.96-acre parcel of land at 5309 Riverdale Road, Riverdale, Prince George’s County, Maryland; (ii) finance the rehabilitation of the existing facilities, including but not limited to amenity upgrades and build-out of an on-site leasing office; (iii) finance the acquisition of such interests in land as may be necessary or suitable for the foregoing, including roads and rights of access, utilities and other site preparation facilities (the “Facility”); and (iv) pay the costs of issuance, capitalized interest and other costs related to the transaction. The Facility will be owned by the Facility Applicant.
The maximum aggregate face amount of bonds proposed to be issued with respect to the Facility is $21,700,000. The Bonds may be issued at one time or from time to time and in one or more series.
If the Bonds are issued, the Housing Authority will lend or otherwise make the proceeds of the Bonds available to the Facility Applicant, which will use the proceeds for the purpose of financing the costs of acquiring and renovating the Facility.
Interested persons are invited to attend the public hearing and will have a reasonable opportunity to express their views, both orally and in writing, on the proposed issuance of the Bonds and the location and nature of the proposed Facility to be financed. Written testimony may be submitted in advance of the hearing to the Housing Authority through Eric C. Brown, Director, Department of Housing and Community Development, Prince George’s County, Maryland, 9200 Basil Court, 5th Floor, Suite 500, Largo, Maryland 20774.