MEMORANDUM TO: Rockdale County Board of Commissioners (the "Board of Commissioners") FROM: Development Authority of] Rockdale County (the "Authority") John Nix Roger Murray DATED: March 17, 2025 RE: Approval of a Proposed Bond Issue The Authority has been asked to issue its tax-exempt revenue bonds (the "Bonds"): for the benefit of AHPC Terraces at Fieldstone LLC (the "Company"). The proceeds of the Bonds will be loaned to the Company and will be used by the Company to (a) refund bonds issued by the Authority in 2021 (the "2021 Bonds") to enable the Company to acquire a 316-unit multifamily rental housing facility known as "Terraces at Fieldstone" (the "Project"), (b) pay the costs of issuing the Bonds and (c) make minor improvements to the Project. The Project is located at 50 Loch Haven Drive SE, Conyers, Georgia 30013. When tax-exempt bonds are issued for the benefit of a nonprofit corporation or a for- profit corporation, the federal tax laws require that (a) the issuer hold a public hearing regarding the bond issue and the project and (b) the governmental entity in which the project is located approve the issuance the bonds. The Authority is holding the public hearing on March 31 and requests that the Board of Commissioners approve the issuance of the Bonds at its meeting in April. The Authority will provide the Board of Commissioners with a transcript from the public hearing SO that the Board of Commissioners is fully aware of any input from the community. The approval of the issuance of the Bonds is ministerial and in no way obligates the County. The approval documents and all the Bond documents will clearly state that the Bonds are payable solely from moneys received from the Company and that the County is not directly or contingently liable for the repayment ofthe Bonds. The County has provided this type of approval in the past. For example, the County approved the issuance of the 2021 Bonds and tax-exempt bonds for Pratt and for Harmony at Conyers (another multifamily housing project). David Williams is bond counsel, and he will provide the resolution providing the necessary approval. It will clearly state that the County is not liable for the repayment of the Bonds. Don'thesitate to call John Nix or Roger Murray ifyou have any questions. gos-ra NOTICE OF PUBLIC HEARING Notice is hereby given that on the 31st day, March, 2025, a public hearing, as: required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and in accordance with IRS Rev. Proc. 2020- 21 (as modified by IRS Rev. Proc. 2020-49, Rev. Proc. 2021-39 and Rev. Proc. 2022-20), will be held by a representative of the Development Authority of Rockdale County (Georgia) (the "Issuer"), at the Conyers-Rocklale Chamber ofCommerce, located at 936 Green Street Southwest, Conyers, Georgia 30012 (the "Host"), with respect to the proposed issuance by the Issuer oftax-exempt bonds, in one or more series under a plan of financing, as "qualified 501(c)(3) bonds" (as defined in section 145 of the Code) in an aggregate maximum stated principal amount not to exceed $90,000,000 (the "Bonds"). The hearing will commence at 9:00 am eastern time, or as soon thereafter as the matter can be heard. The Issuer proposes to issue the Bonds and to loan a portion of the proceeds thereof to AHPC Terraces at Fieldstone LLC, a Delaware limited liability company (the "Borrower"), and other affiliates of the Borrower (collectively, the "Obligated Group"), to refinance and to finance improvements to a multifamily residential rental development known as the Terraces at Fieldstone, located at 50 Loch Haven Drive SE, Conyers, Georgia 30013, owned by the Borrower (the "Project"). Proceeds of the Bonds may also be used to fund certain reserves and provide for costs ofissuance ofthel Bonds. The Affordablel Housing Preservation Corporation, a Florida nonprofit corporation and an organization exempt from federal income tax by virtue of being an organization described in section 501(c)(3) ofthe Code, is the sole member ofthe Borrower and the Obligated Group members. The Bonds will be special limited obligations of the Issuer payable solely from the loan repayments to be made by the Borrower and the Obligated Group to the Issuer, and certain funds and accounts established by the bond indenture for the Bonds and a master indenture ofthe Obligated Group. THE BONDS SHALL NOT REPRESENT OR CONSTITUTE A DEBT OR PLEDGE OF THE FAITH AND CREDIT OR THE TAXING POWER OF THE ISSUER, ROCKDALE COUNTY, GEORGIA, CONYERS, GEORGIA, THE STATE OF GEORGIA OR ANY OF THEIR POLITICAL SUBDIVISIONS. All interested persons are invited to attend such public hearing to express their views concerning the approval by the Host of the Project, the issuance of the Bonds or related matters. Oral comments will be limited to 10 minutes per speaker. A person wishing to speak at the hearing will be asked to provide his or her name, address, and the person(s) or entity(ies) he or she represents, if any, prior to speaking. Written comments will be accepted at the office ofthe Issuer, 936 Green Street Southwest, Conyers, Georgia 30012, Attention: John Andrew Nix, but must be received by the close of the hearing. This notice is published and the above-described hearing is to be held in accordance with IRS Rev. Proc, 2020-21 (as modified by IRS Rev. Proc. 2020-49, Rev. Proc. 2021-39 and Rev. Proc. 2022-20) and in satisfaction of the requirements of section 147(f) ofthe Code regarding the public approval prerequisite to the exemption from federal income taxation of the interest on the Bonds. 92820979.v2