Cleveland, OH (June 17, 2024)


The Cleveland-Cuyahoga County Port Authority (the “Authority”) will hold a public hearing on behalf of itself and the County of Cuyahoga, Ohio (the “County”), at 2:00 p.m. local time on June 17,  2024 at the offices of the Authority, located 1100 W. 9th Street, Cleveland, Ohio 44114 with respect to the issuance by the Authority of its Multifamily Mortgage Backed Revenue Bonds, Series 2024 (M-TEBS) (Gates Mills Villa Project), in one or more series  (the “Bonds”), with a maximum aggregate principal amount not to exceed $30,000,000, the proceeds of the sale thereof to be loaned by the Authority to Gates Mills Villa Preservation, L.P. or its affiliate (the “Borrower”) to be used by the Borrower to acquire, design, develop, equip, furnish, improve, install, rehabilitate and renovate “port authority facilities” (within the meaning of the Act identified below) to be leased to and operated by the Borrower, consisting of a 191-unit Project Based Sec-8 property composed of one, eight story L-shaped residential structure serving elderly low income tenants (the “Project Facilities”) on a site located at 6755 Mayfield Road (the “Project Site” and, together with the Project Facilities, the “Project”), in the City of Mayfield Heights, Cuyahoga County, Ohio, and to the extent permitted, paying certain costs of issuance, paying capitalized interest and funding debt service reserve funds, if necessary.  The Bonds will be issued pursuant to the provisions of Sections 13 and 16 of Article VIII of the Ohio Constitution and Sections 4582.01 through 4582.20 of the Ohio Revised Code (collectively, the “Act”), and pursuant to the Act will not constitute a debt, liability or obligation of the County, the City of Cleveland, the City of Mayfield Heights, the Authority, the State of Ohio or a pledge of the faith and credit of the County, the City of Cleveland, the City of Mayfield Heights, the Authority or the State of Ohio, but shall be payable solely from the funds pledged to the payment thereof.  All or a substantial portion of the Bonds are expected to be issued as “exempt facility bonds” pursuant to Section 142 of the Internal Revenue Code of 1986, as amended (the “Code”).  

Persons wishing to express their views on the proposed transactions may participate in the hearing in person or may submit their views in writing. Any written submissions should be sent to the attention of the Cleveland-Cuyahoga County Port Authority, 1100 W. 9th Street, Cleveland, Ohio 44114, Attention: President and clearly marked: “Cleveland-Cuyahoga County Port Authority (Gates Mills Villa Project)”.  Written submissions should be mailed in sufficient time to be received before the hearing date.  This public hearing is being held pursuant to the provisions of Section 147 of the Code.