Washtenaw County Government: Public Hearing: Washtenaw County Charter School Financing

Press release from Washtenaw County Government:

August 16, 2021

NOTICE OF PUBLIC HEARING Notice is hereby given that the COUNTY OF WASHTENAW, MICHIGAN, will hold a public hearing on Wednesday, September 1, 2021 at 6:45 PM local time during a remote, virtual meeting of the Board of Commissioners in connection with the proposed issuance by The Industrial Development Authority of the County of La Paz (the “Authority”) of qualified 501(c)(3) bonds (the “Bonds”) as defined in section 145 of the Internal Revenue Code of 1986, as amended (the “Code”) in one or more series pursuant to a plan of finance. The hearing is being held pursuant to section 147(f) of the Code. Those interested in providing comment, observing the public hearing, or observing the meeting can do so by using one of the following options: Participate via Zoom: https://washtenaw.me/BOCZoom webinar ID: 923 2350 2362, passcode: 117165 Participate via Phone: dial 1 (312) 626-6799 -or- TOLL FREE: dial 1 (877) 853 5257 meeting ID: 923 2350 2362, passcode: 117165 Written public comments may be e-mailed to the Washtenaw County Board of Commissioners in advance of the meeting to publichearings@washtenaw.org. The Bonds will be issued for the project described below in an aggregate principal amount not to exceed $63,000,000.

Proceeds of the sale of the Bond which will be issued as qualified 501(c)(3) bonds will be loaned by the Authority to Campus Partners 1 and its affiliates, all single member limited liability companies and disregarded entities of Campus Partners 1 (collectively, the “Borrower”) to be used to finance or reimburse all or a portion of the costs of a project that consists of (1) the acquisition and improvement of certain public charter school facilities (the “Charter School Facilities”) identified below for use in their school operations at the locations and in the estimated maximum principal amounts listed below; (2) the funding of any required reserves; and (3) the payment of the costs of issuance of the Bonds. The Borrower will lease the Charter School Facilities to qualified 501(c)(3) entities or governmental entities. The Charter School Facilities will be owned by the Borrower as the initial legal owner.

Charter School Facility Location Maximum Amount in each location East Arbor Charter Academy 6885 Merritt Road, Ypsilanti, MI 48197-8958 in the Charter Township of Ypsilanti $14,500,000 Fortis Academy 3875 Golfside Drive, Ypsilanti, MI 48197-3726 in the Charter Township of Ypsilanti $15,000,000 South Arbor Charter Academy 8200 Carpenter Road, Ypsilanti, MI 48197-9173 in the Charter Township of York $17,500,000 South Pointe Scholars Charter Academy 10550 Geddes Road, Ypsilanti, MI 48198-9442 in Superior Township $16,000,000 This notice is published in accordance with, the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder. DEBT FINANCINGS OF THE AUTHORITY ARE NOT OBLIGATIONS OF THE COUNTY OF WASHTENAW, THE STATE OF MICHIGAN, OR ANY POLITICAL SUBDIVISION THEREOF. COUNTY OF WASHTENAW, MICHIGAN Posted: 08/16/2021 Revised: Posted by: Clerk's Office Time: 11:30 AM Take down: SEPTEMBER 2, 2021

This press release was produced by Washtenaw County Government. The views expressed here are the author’s own.