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Public Hearing TEFRA Notices

For certain types of tax-exempt private activity bonds, a public hearing (also known as a TEFRA hearing, after the Tax Equity and Fiscal Responsibility Act of 1982) is required by federal tax regulations as a form of public approval.  The hearing provides a reasonable opportunity for interested individuals to express their views, either orally or in writing, on the proposed issue of bonds, location, and nature of the project to be financed. This notice is designed to inform residents of the approving governmental unit, including residents of the issuing unit and the host governmental unit where a project is to be located, of the proposed bond issue. 

NOTICES OF UPCOMING PUBLIC HEARINGS

Posted on Monday, August 8, 2022 at 4:30 pm

 

NOTICE OF PUBLIC HEARING

NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held by a representative of The Industrial Development Authority of the County of Pima (the “Issuer”), on August 16, 2022, at 12:00 p.m. local time, or as soon thereafter as it may be heard, via toll free telephonic means accessible to the general public as described below, regarding the issuance by the Issuer of one or more series of tax-exempt and/or taxable debt expected to be referred to as The Industrial Development Authority of the County of Pima Multifamily Housing Revenue Bonds (Cascade Apartments Project), in one or more series, pursuant to a plan of financing, in an aggregate principal amount not to exceed $14,000,000 (the “Bonds”), for the benefit of Cascade Apartments, LLC, an Arizona limited liability company (the managing member of which is COPE Cascade, LLC, an Arizona limited liability company, the sole member of which is Cope Community Services, Inc., an Arizona nonprofit corporation), as borrower of the proceeds of the Bonds and owner of the below-described multifamily housing facilities (the “Borrower”).  

The Issuer will loan the proceeds of the Bonds to the Borrower for the purposes of the “Project,” which is comprised of: (i) financing or refinancing all or a portion of the costs of the acquisition, construction, improvement, development, equipping and/or operation of residential real property consisting of approximately 70 units, some or all of which will provide housing for low- to moderate-income tenants (including facilities functionally related and subordinate thereto), on certain real property located at 1346 N. Stone Avenue in Tucson, Pima County, Arizona, to be commonly known as the “Cascade Apartments” (collectively, the “Facilities”), (ii) funding any required reserve funds, (iii) paying capitalized interest, if any, on the Bonds, and (iv) paying the costs of issuance for the Bonds (collectively, the “Project”).

The Bonds will constitute a special limited obligation of the Issuer. The principal of, premium (if any), and interest on the Bonds shall never constitute the debt or indebtedness, or a liability, of the Issuer, the County of Pima, Arizona (the “County”) or the State of Arizona (the “State”) or any political subdivision of the State within the meaning of any provision of the Constitution of the State and shall not constitute nor give rise to a pecuniary liability or a charge against the general credit or taxing powers of the Issuer, the County, or the State or any political subdivision of the State, but shall be payable solely from the sources provided for in the proceedings for the issuance of the Bonds.  The Issuer has no taxing power.

The public hearing and this notice are required by Section 147(f) of the Code.  At the time set for the public hearing, pursuant to Internal Revenue Service Revenue Procedure 2022-20, interested persons will be given the opportunity to express their views, both orally (via telephonic participation) and in writing, on the proposed issue of Bonds, the Project, the location and nature of the Facilities to be financed or refinanced, and the plan of financing.  Members of the public may listen to and contribute to any discussion during the hearing by: (1) dialing toll-free (844) 844-0414; (2) entering conference code 225682 at the prompt; and (3) identifying themselves for the record.  Persons wishing to participate may submit a written request to speak to mas@slanialaw.com at least 24 hours before the hearing; however, the hearing officer will also provide a time for additional comments at the end of the public hearing. Written comments may also be submitted to the Issuer at the following address:  Slania Law PLLC, 2980 N. Swan Road #222, Tucson, Arizona 85712, Attention: Michael A. Slania, or emailed to Michael A. Slania at mas@slanialaw.com until three (3) hours prior to the time and date of the hearing (subject to the timing limitations of mail delivery).  

 

Date of Notice: August 9, 2022 THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA