Cleveland, OH (November 14, 2024) –
NOTICE OF PUBLIC HEARING
Notice is given that on November 26, 2024, a public hearing will be held by the Cleveland-Cuyahoga County Port Authority (the “Port Authority”) commencing at 11:00 a.m. local time in its offices located at 1100 West Ninth Street, Suite 300, Cleveland, Ohio 44113, and via toll-free telephone conference, with respect to the proposed issuance by the Port Authority of its Multifamily Note (Governmental) (Allerton Apartments) (the “Note”) in an aggregate face amount not to exceed $34,000,000. The Note will be issued pursuant to Sections 4582.01 through 4582.20, Section 4582.60 and Sections 9.98 through 9.983, Ohio Revised Code (collectively, the “Act”). The proceeds of the Note are to be used to pay costs of the acquisition, rehabilitation, installation, equipping and improvement of certain “port authority facilities” within the meaning of the Act to be owned by the Allerton Preservation LLC, an Ohio limited liability company (the “Owner”), including more specifically to make a loan to the Owner to assist in financing the costs of the acquisition and rehabilitation of Allerton Apartments, consisting of 199 residential rental units located at 1802 E. 13th Street, Cleveland, Cuyahoga County, Ohio (the “Project”). The initial legal owner or principal user of the Project financed by the Note is the Owner.
The Note will be a special obligation of the Port Authority payable solely from funds provided by the Owner and will not constitute a debt or a pledge of the faith and credit or the taxing power of the Port Authority, the State of Ohio, or any agency, instrumentality or political subdivision of the State.
Persons wishing to express their views on the proposed Note may appear at the hearing, or may submit their views in writing, regarding the proposed Note and the location and nature of the Project to be financed. Any written submissions should be sent to the Port Authority at 1100 West Ninth Street, Suite 300, Cleveland, Ohio 44113, and clearly marked “Re: Allerton Apartments Project.” Written submissions should be mailed in sufficient time to be received on or before the referenced public hearing on November 26, 2024.
Cleveland-Cuyahoga County Port Authority
By: Stefan Holmes, Chair