• NOTICE OF PUBLIC HEARING The ...

NOTICE OF PUBLIC HEARING

The Philadelphia Authority for Industrial Development (the "Authority") will hold a public hearing on June 13, 2017, at 10:00 a.m. in the offices of the Philadelphia Industrial Development Corporation located at 1500 Market Street, 2600 Centre Square, West Tower, Philadelphia, PA 19102-2126 to discuss the issuance of tax-exempt revenue bonds or notes (the "Bonds") for the following project (the "Project"):
A. Initial Owner and Manager: University Plaza Associates, an affiliate of Orbach Affordable Housing Solutions LLC, or another affiliate thereof, will be the initial owner of the Project. The initial manager will be Orbach Affordable Management LLC.
B. Maximum Amount of Bonds:
$150,000,000.
C. Description of Project:
(1) The acquisition and rehabilitation of University Square Apartments (located as described below). University Square Apartments is comprised of 442 one-bedroom units in a high-rise apartment building. The rehabilitation of University Square Apartments will include the modernization of each unit to include new kitchens, bathrooms, flooring, electrical and plumbing, upgrades to major building systems, and renovation of other facilities that are reasonably related and subordinate to the Project. The building also features indoor and outdoor recreational and relaxation space.
(2) Capitalized interest on the Bonds, if any, and working capital expenditures related to the Project, if any.
(3) Deposits to reserves, if any.
(4) Costs of issuance of the Bonds.
D. Project Location: 3901 Market Street, Philadelphia, PA 19104.
E. Financing Plan: In order to finance the Project, the Authority will issue the Bonds in one or more series or issues from time to time or at the same time, as part of a plan of financing.
At the public hearing, any and all persons in attendance will be afforded an opportunity to comment on the proposed Project and the issuance by the Authority of its Bonds therefor.
This notice is published in accordance with, and the public hearing is held by and on behalf of, the Authority as the issuer of the Bonds and the City of Philadelphia, Pennsylvania, as required by the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder.

Philadelphia Authority for
Industrial Development




Ref# 0003319374-01
PostedMay 30, 2017