NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that on Thursday, September 2, 2021, at 8:30 a.m. Utah Housing Corporation ('UHC') will cause a public hearing to be conducted by its President or a designee at the offices of Gilmore & Bell, P.C. located at 15 West South Temple, Suite 1450, Salt Lake City, Utah 84101, for and on behalf of itself and the State of Utah (the 'State'), regarding a proposal by UHC that, pursuant to the provisions of Title 63H, Chapter 8, Utah Code Annotated, 1953, as amended (the 'Act'), and a borrower loan agreement (the 'Borrower Loan Agreement'), UHC make a mortgage loan (the 'Borrower Loan') in an aggregate principal amount not to exceed $17,600,000 to CJM Smith Richfield Apartments, LLC, a Utah limited liability company, or an affiliate thereof (the 'Borrower').
As part of ongoing efforts to limit the spread of novel coronavirus in Utah and in compliance with Revenue Procedure 2020-21 no in-person attendance will be allowed. Interested individuals may attend and participate in the public hearing via Zoom or conference call. Please join via Zoom at https://zoom.us and use Meeting ID 850 6116 8316 and password 709579 to join the video meeting, or call toll free number 1-877-230-5394 and passcode 2582723 followed by # to join the conference call.
Proceeds of the Borrower Loan, together with other funds, will be used by the Borrower to finance the acquisition, construction and equipping of an approximately 120-unit multifamily housing rental development located on an approximately 5.83 acre site at approximately 1500 South Hwy 118 (200 West), Richfield, Utah (the 'Project'). The Borrower will be the owner of the Project. The Project is required to be occupied by persons of low and moderate income as determined by UHC in accordance with Utah laws and in accordance with the requirements of Section 142(d) of the Internal Revenue Code of 1986, as amended.
UHC will make the Borrower Loan to the Borrower with the proceeds received from a separate funding loan (the 'Bank Loan') made to UHC by Zions Bancorporation or an affiliate thereof pursuant to a bank loan agreement (the 'Bank Loan Agreement'). The Bank Loan will be evidenced by a tax-exempt multifamily note to be issued by UHC in an aggregate principal amount not to exceed $17,600,000 (the 'Governmental Lender Note'). The Governmental Lender Note is being issued as a note the interest on which is excludable from the gross income of the holder thereof for federal income tax purposes. The Governmental Lender Note will be a special limited obligation of UHC secured by and payable solely from revenues and other amounts pledged pursuant to the Bank Loan Agreement. The Governmental Lender Note and the interest thereon will not constitute an indebtedness or a pledge of the faith or credit of UHC, the State of Utah or any political subdivision of the State of Utah.
Comments at the public hearing are invited. Written comments may be submitted to UHC at 2479 S. Lake Park Boulevard, West Valley City, Utah, 84120, Attention: President. Written comments should be mailed in sufficient time to be received before the Thursday, September 2, 2021, public hearing. Additional information can be obtained from UHC at its office shown above or by calling (801) 902-8200. Subsequent to the public hearing, the Governor of the State of Utah will consider approving the issuance of the Bonds.
DATED: August 24, 2021
UTAH HOUSING CORPORATION