Public Hearing Notice (Proposed Revenue Bond Financing by Chesapeake Redevelopment & Housing Authority for Hunter's Point Apartments)
NOTICE OF PUBLIC HEARING ON PROPOSED REVENUE BOND FINANCING BY CHESAPEAKE REDEVELOPMENT AND HOUSING AUTHORITY
Notice is hereby given that the Chesapeake Redevelopment and Housing Authority (the “Authority”), whose mailing address is 1468 S. Military Highway, Chesapeake, VA 23320, will hold a public hearing on the application of Standard Hunter’s Point I Venture LP (the “Applicant”), a Virginia limited partnership whose business address is 1901 Avenue of the Stars, Suite 395, Los Angeles, CA 90067. The Applicant has requested the Authority to issue up to $26,400,000 of its revenue bonds (the "Bonds"), in one or more series of qualified residential rental bonds, at one time or from time to time pursuant to a plan of finance, to assist the Applicant in financing or refinancing a portion of the costs of acquiring, constructing, renovating, rehabilitating and equipping an affordable housing development to be known as Hunter’s Point Apartments, to consist of 40 one-bedroom units, 80 two-bedroom units and 36 three-bedroom units, including common amenities such as a basketball court, playground and laundry facilities, to be located on approximately 12.33 acres of land located at 4200 Reid Street in Chesapeake, Virginia 23324 (the “Project”). The Project will meet the requirements of a qualified residential rental project within the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended (the “Code”). The Project will be owned by the Applicant or an entity affiliated with and controlled by or under common ownership with the Applicant.
THE ISSUANCE OF THE BONDS AS REQUESTED BY THE APPLICANT WILL NOT CONSTITUTE A DEBT OR PLEDGE OF THE FAITH AND CREDIT OF THE COMMONWEALTH OF VIRGINIA OR ANY OTHER POLITICAL SUBDIVISION THEREOF, INCLUDING THE AUTHORITY AND CHESAPEAKE, VIRGINIA, AND NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE COMMONWEALTH OF VIRGINIA OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING CHESAPEAKE, VIRGINIA, WILL BE PLEDGED TO THE PAYMENT OF SUCH BONDS BUT WILL BE PAYABLE SOLELY FROM THE REVENUES DERIVED FROM THE APPLICANT AND PLEDGED TO THE PAYMENT THEREOF.
The public hearing, which may be continued or adjourned, will be held at 5:00 o'clock p.m. on Wednesday, February 23, 2022, before the Authority at the Geneva Community Center located at 700 Geneva Avenue in Chesapeake, VA 23323.
Any person interested in the issuance of the Bonds or the facilities to be financed or refinanced with the bond proceeds may appear at the hearing and present his or her views.
This notice is published, and the public hearing is being held by or on behalf of the Authority as issuer of the proposed revenue bonds, as required by Section 147(f) of the Code and the regulations promulgated thereunder.
CHESAPEAKE REDEVELOPMENT AND HOUSING AUTHORITY
Advertised: February 9, 2022
February 16, 2022
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