WHEREAS, The Downtown Development Authority of Columbus, Georgia (the “Authority”) has considered the application of Schoolhouse Road Estates, Inc., a New York non-profit corporation or a single member limited liability company, which will be disregarded for Federal Income Tax purposes, the sole member of which will be Schoolhouse Road Estates, Inc. (the “Borrower”) requesting that the Authority assist the Borrower in financing the acquisition, rehabilitation and equipping a multi-family residential rental facility containing two hundred sixty-nine (269) units for individuals and families of low and moderate income, located at 211 12th Street, Columbus, Georgia 31901, and known as the “Ralston Towers” (the “Project”) through the issuance of the Authority’s revenue bonds in an aggregate principal amount of $10,500,000 (the “Bonds”). The Authority held a public hearing on February 28, 2014, with respect to such proposed issuance of the Bonds and financing of the Project and a Certificate of the Chairman of the Authority regarding the conduct of the public hearing is attached hereto as Exhibit “A” (the “Public Hearing Certificate”); and
WHEREAS, 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 Council of Columbus, Georgia (the “Council”) is the body required to approve the issuance of the Bonds on behalf of Columbus, Georgia (the “City”); and
WHEREAS, the Authority issues its revenue bonds pursuant to authority granted it under the Downtown Development Authorities Law, O.C.G.A.§ 36-42-1,et seq., and the Project is located within the City; and
WHEREAS, the Authority has requested that (i) Council approve, to the extent required by Section 147(f) of the Code, 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, and (ii) authorize the Mayor of the City (the “Mayor”) to execute a Certificate substantially in the form attached as Exhibit “B” certifying to such approval (the “Certificate”); and
WHEREAS, the Authority has delivered to the Council and the Mayor of the City a certificate regarding the conduct of the public hearing:
NOW, THEREFORE, the Council hereby approves the issuance of the Bonds to the extent required by said Section 147(f) of the Code. and hereby authorizes the Mayor to execute the Certificate.