Metropolitan Development and Housing Agency | Summary Review of Agenda Items for MDHA’s June 11, 2019 Meeting of Directors of Victory Hall, Inc.
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07 Jun Summary Review of Agenda Items for MDHA’s June 11, 2019 Meeting of Directors of Victory Hall, Inc.


EXECUTIVE
   (HARBISON, THILTGEN & CHOPPIN)

  1. Approval of Financing for Curb Victory Hall.

Board approval of the financing resolution for Curb Victory Hall is requested. Pinnacle Bank will provide approximately $5.9 million in LIHTC equity, $1.2 million in proceeds from a CITC loan, and $80,000 from a market-rate loan. MDHA is the developer of this project along with Giarratana, LLC, which is providing consulting and development services, and Operation Stand Down Tennessee, which is leasing the Curb Victory Hall Property to Victory Hall, L.P., the tax credit entity formed to own the project. The resolution also notes that MDHA and/or its affiliate entities were awarded $500,000 from the THDA Tennessee Housing Trust Fund and received a $500,000 donation from Mike Curb, through Curb Records, Inc. The resolution also provides that Victory Hall, L.P. will take an assignment of the project documents.