2020 BOND TRANSACTIONS
The City of Memphis, Tennessee Storm Water System Revenue Bonds, Series 2019 (the “Bonds”). The proceeds of the Bonds will be used for (i) financing improvements, additions and extensions to the Storm Water System of the City, consisting of Storm Water facilities, a Storm Water drainage system and a flood protection system, (ii) funding a reserve fund for the Bonds and (iii) paying the costs of issuance of the Bonds. The Firm served as Sole Counsel to the syndicate of Underwriters’ on the transaction which closed on November 13, 2019.
The Heath, Educational and Housing Facility Board of the City of Memphis, Tennessee Collateralized Multifamily Housing Bonds, (Burkle & Main Apartments Project) Series 2019 (the “Bonds”). The proceeds of the Bonds will be used to finance a loan to the Borrower, to enable the Borrower to pay a portion of the cost of acquiring, construction and equipping of a 126-unit multifamily residential rental facility located in Memphis, Shelby County, Tennessee. The Firm served as Counsel to the Issuer of the Bonds on the transaction which closed on November 7, 2019.
Shelby County Tennessee General Obligation Bond Anticipation Note, Series 2019 (the "Note"). The Note is being issued (i) to provide moneys to finance certain capital projects of Shelby County, including schools, or for any other lawful purpose, and (ii) to pay the costs of issuance and sale of the Note. The Firm served as Co-Bond Counsel to the County on the transaction which closed on October 3, 2019.
The Memphis and Shelby County Sports Authority Inc. Revenue Refunding Bonds (Memphis Arena Project), 2019 Series B (the “Bonds”). The proceeds of the Bonds will be used to currently refund all or a portion of the Authority’s outstanding Revenue Refunding Bonds, 2009 Series B in order to achieve certain debt service savings for the Authority. The Firm served as Disclosure Counsel to the Authority on the transaction which closed on August 5, 2019.
The Memphis and Shelby County Sports Authority Inc. Revenue Refunding Bonds (Memphis Arena Project), 2019 Series A (the “Bonds”). The proceeds of the Bonds will be used to currently refund all or a portion of the Authority’s outstanding Revenue Refunding Bonds, 2009 Series A (Memphis Arena Project) in order to achieve certain debt service savings for the Authority. The Firm served as Disclosure Counsel to the Authority on the transaction which closed on August 5, 2019.
Shelby County, Tennessee General Obligation Refunding Bonds, 2019 Series B (the "Bonds"). The proceeds of the Bonds will be used, together with other available funds of the County to (i) currently refund the County's General Obligation Public Improvement and School Bonds, 2009 Series B and General Obligation Public Improvement and School Bonds, 2009 Series C (Federally-Taxable Build America Bonds-Direct Payment) and (ii) pay certain costs of issuance for the Bonds. The Firm served as Disclosure Counsel to the County on the transaction which closed on February 14, 2019.
Shelby County, Tennessee General Obligation Public Improvement and School Bonds, 2019 Series A (the "Bonds"). The proceeds of the Bonds will be used, together with other available funds of the County to (i) finance various public works projects in the County and for school purposes; (ii) pay the principal due on the County's outstanding General Obligation Bond Anticipation Note, Series 2017 and (iii) pay the costs of issuance of the Bonds. The Firm served as Disclosure Counsel to the County on the transaction which closed on February 14, 2019.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Hope Heights Tower Apartments) Series 2018 (the “Bonds”). The proceeds of the Bonds will be used for providing all or part of the funds with which to pay the cost of the acquisition, rehabilitation and equipping of an approximately 147-unit multifamily rental housing project in Memphis, Shelby County, Tennessee, to be known as Hope Heights Tower Apartments. The Firm served as Counsel to the Issuer on the transaction which closed on December 19, 2018.
The City of Memphis, Tennessee Sanitary Sewerage System Revenue and Revenue Refunding Bonds, Series 2018 (the “Bonds”). The proceeds of the Bonds will be used for the purpose of (i) financing improvements, additions and extensions to the City's sanitary sewerage system; (ii) refunding all or a portion of the City's outstanding Sanitary Sewerage System Revenue Bonds, Series 2007 and Sanitary Sewerage System Revenue Bonds, 2009B (Direct Payment Build America Bonds); and (iii) paying the costs of issuance of the Bonds. The Firm served as Co-Bond Counsel to the City of Memphis on the transaction which closed on November 1, 2018.
Shelby County Tennessee General Obligation Bond Anticipation Note, Series 2019 (the "Note"). The Note is being issued (i) to provide moneys to finance certain capital projects of Shelby County, including schools, or for any other lawful purpose, and (ii) to pay the costs of issuance and sale of the Note. The Firm served as Co-Bond Counsel to the County on the transaction which closed on October 3, 2019.
The City of Jackson, Mississippi Tax Increment Financing Revenue Bond, Series 2018 (Westin Hotel Project) (the “Bond”). The proceeds of the Bond will be used to (i) finance and/or reimburse public infrastructure and site improvements to the Westin Hotel, which is located within the city limits of Jackson and encompassing an entire city block bound by streets Tombigbee, Court, Congress and West including the former Mississippi Valley Title Building, and (ii) pay the costs of issuing the Bond. The Firm served as sole Bond Counsel to the City of Jackson on the transaction which closed on October 15, 2018.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Gospel Gardens Apartments) Series 2018 (the “Bonds”). The proceeds of the Bonds will be used for providing all or part of the funds with which to pay the cost of the acquisition, rehabilitation and equipping of an approximately 200-unit multifamily rental housing project in Memphis, Shelby County, Tennessee, to be known as Gospel Gardens Apartments. The Firm served as Counsel to the Issuer on the transaction which closed on September 14, 2018.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Cavelier Court Apartments) Series 2018 (the “Bonds”). The proceeds of the Bonds will be used for providing all or part of the funds with which to pay the cost of the acquisition, rehabilitation and equipping of an approximately 200-unit multifamily rental housing project in Memphis, Shelby County, Tennessee, to be known as Cavelier Court Apartments. The Firm served as Counsel to the Issuer on the transaction which closed on September 13, 2018.
The Memphis-Shelby County Airport Authority Airport Revenue Bonds, Series 2018 (AMT) (the "Bonds"). The proceeds of the Bonds will be used to (i) finance a portion of the costs of construction, equipping and modernization of a significant portion of Concourse B and related improvements, (ii) fund a capitalized interest account, (iii) fund a debt service reserve account and (iv) pay related costs of issuance. The Firm served as sole Counsel to the Underwriters' on the transaction which closed on August 30, 2018.
The City of Jackson, Mississippi Tax Increment Financing Revenue Bonds, Series 2018 (The District At Eastover Project) (the “Bonds”). The proceeds of the Bonds will be used to (i) finance and/or reimburse public infrastructure and site improvements to the District at Eastover located between the City of Jackson's Eastover and Fondren neighborhoods which is adjacent to the I-55 corridor and the University of Mississippi Medical Center, and (ii) pay the costs of issuing the Bonds. The Firm served as sole Bond Counsel to the City of Jackson on the transaction which closed on August 24, 2018.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Collateralized Multifamily Housing Bonds (Keystone Landing and Pendleton Place Apartments) Series 2018 (the “Bonds”). The proceeds of the Bonds will be used to finance a portion of the cost of acquiring, rehabilitating and equipping two multifamily residential rental facilities located in Memphis, Tennessee, known as Keystone Landing Apartments and Pendleton Place Apartments. The Firm served as Counsel to the Issuer on the transaction which closed on July 19, 2018.
The City of Memphis, Tennessee General Improvement Bonds Series 2018 (the “Bonds”). The proceeds of the Bonds will be used to (i) finance various public works projects of the City, (ii) provide for the payment of $150,00,000 principal amount outstanding General Obligation Commercial Paper at their respective maturities, and (iii) provide for the costs of issuance of the Bonds. The Firm served as Co-Bond Counsel to the City of Memphis on the transaction which closed on May 1, 2018.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Forum Flats) Series 2017 (the “Bonds”). The proceeds of the Bonds will be used to finance a portion of the cost of acquiring, constructing and equipping a 205-unit multifamily residential rental facility located in downtown Memphis, Tennessee. The Firm served as Counsel to the Issuer on the transaction which closed on December 15, 2017.
Economic Development Growth Engine Industrial Development Board of the City of Memphis and County of Shelby, Tennessee (Graceland Project) Series 2017A (Senior Tax Increment Revenue Bonds) (Tax-Exempt) Series 2017B (Senior Tax Increment Revenue Bonds) (Taxable) Series 2017C (Subordinate Tax Increment Revenue Bonds) (Taxable) (the “Bonds”). The proceeds of the Bonds will be used to (i) finance a portion of outstanding debt, (ii) fund debt service funds, (iii) fund debt service reserve funds and (iv) pay certain costs of issuance. The Firm served as Counsel to the Underwriter on the transaction which closed on November 14, 2017.
Memphis Light Gas & Water Division of the City of Memphis, Tennessee Electric System Revenue Bonds Series 2017 (the “Electric System Bonds”). The proceeds of the Electric System Bonds will be used to (i) finance the costs of acquiring, expanding and/or improving the electric system and (ii) pay certain costs of issuance. The Firm served as sole Counsel to the Underwriters' on the transaction which closed on September 28, 2017.
Memphis Light Gas & Water Division of the City of Memphis, Tennessee Gas System Revenue Bonds Series 2017 (the “Gas System Bonds”). The proceeds of the Gas System Bonds will be used to (i) finance the costs of acquiring, expanding and/or improving the gas system and (ii) pay certain costs of issuance. The Firm served as sole Counsel to the Underwriters' on the transaction which closed on September 28, 2017.
Memphis Light Gas & Water Division of the City of Memphis, Tennessee Water System Revenue Bonds Series 2017 (the “Water System Bonds”). The proceeds of the Water System Bonds will be used to (i) finance the costs of acquiring, expanding and/or improving the electric system and (ii) pay certain costs of issuance. The Firm served as sole Counsel to the Underwriters' on the transaction which closed on September 28, 2017.
Economic Development Growth Engine Industrial Development Board of the City of Memphis and County of Shelby, Tennessee (Southbrook Towne Centre) Qualified Energy Conservation Bond Series 2017 (Federally Taxable) (the “Bonds”). The proceeds of the Bonds will be used to finance (i) energy conservation installations and (ii) other improvements to the multi-purpose mixed used facility formerly known as Southbrook Mall. The Firm served as sole Bond Counsel on the transaction which closed on September 18, 2017.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Mason Village) Series 2017 (the “Bonds”). The proceeds of the Bonds will be used to finance a portion of the cost of acquiring, constructing and equipping a 77-unit multifamily elderly housing development rental facility in Memphis, Tennessee. The Firm served as both sole Bond Counsel and Counsel to the Issuer on the transaction which closed on August 11, 2017.
Economic Development Growth Engine Industrial Development Board of the City of Memphis and County of Shelby, Tennessee, Tourism Development Zone Financing Refunding Bonds Series 2017 (the “Bonds”). The proceeds of the Bonds will be used to (i) refinance outstanding bonds and (ii) pay certain costs of issuance. The Firm served as Co-Counsel to the Underwriter on the transaction which closed on June 1, 2017.
Mississippi Business Finance Corporation Taxable Revenue Refunding Bonds (Retro Metro, LLC Refunding Project), Series 2017 (the “Bonds”). The proceeds of the Bonds will be used to (i) refinance outstanding bonds and (ii) pay certain costs of issuance. The Firm served as sole Counsel to the Underwriter on the transaction which closed on March 30, 2017.
The City of Memphis, Tennessee Storm Water System Revenue Bonds, Series 2019 (the “Bonds”). The proceeds of the Bonds will be used for (i) financing improvements, additions and extensions to the Storm Water System of the City, consisting of Storm Water facilities, a Storm Water drainage system and a flood protection system, (ii) funding a reserve fund for the Bonds and (iii) paying the costs of issuance of the Bonds. The Firm served as Sole Counsel to the syndicate of Underwriters’ on the transaction which closed on November 13, 2019.
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The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee Collateralized Multifamily Housing Bonds (Chickasaw Place Apartments Project), Series 2020 (the “Bonds”). The proceeds of the Bonds will be used to finance a loan to the Borrower, to enable the Borrower to pay a portion of the cost of acquiring, rehabilitating and equipping a 270-unit multifamily residential rental facility located in the City of Memphis, Tennessee. The Firm served as Counsel to the Issuer of the Bonds on the transaction which closed on May 29, 2020.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Forum Flats) Series 2017 (the “Bonds”). The proceeds of the Bonds will be used to finance a portion of the cost of acquiring, constructing and equipping a 205-unit multifamily residential rental facility located in downtown Memphis, Tennessee. The Firm served as Counsel to the Issuer on the transaction which closed on December 15, 2017.
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The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Hope Heights Tower Apartments) Series 2018 (the “Bonds”). The proceeds of the Bonds will be used for providing all or part of the funds with which to pay the cost of the acquisition, rehabilitation and equipping of an approximately 147-unit multifamily rental housing project in Memphis, Shelby County, Tennessee, to be known as Hope Heights Tower Apartments. The Firm served as Counsel to the Issuer on the transaction which closed on December 19, 2018.
The Heath, Educational and Housing Facility Board of the City of Memphis, Tennessee Collateralized Multifamily Housing Bonds, (Burkle & Main Apartments Project) Series 2019 (the “Bonds”). The proceeds of the Bonds will be used to finance a loan to the Borrower, to enable the Borrower to pay a portion of the cost of acquiring, construction and equipping of a 126-unit multifamily residential rental facility located in Memphis, Shelby County, Tennessee. The Firm served as Counsel to the Issuer of the Bonds on the transaction which closed on November 7, 2019.
The City of Memphis, Tennessee Sanitary Sewerage System Revenue and Revenue Refunding Bonds, Series 2018 (the “Bonds”). The proceeds of the Bonds will be used for the purpose of (i) financing improvements, additions and extensions to the City's sanitary sewerage system; (ii) refunding all or a portion of the City's outstanding Sanitary Sewerage System Revenue Bonds, Series 2007 and Sanitary Sewerage System Revenue Bonds, 2009B (Direct Payment Build America Bonds); and (iii) paying the costs of issuance of the Bonds. The Firm served as Co-Bond Counsel to the City of Memphis on the transaction which closed on November 1, 2018.
Economic Development Growth Engine Industrial Development Board of the City of Memphis and County of Shelby, Tennessee (Graceland Project) Series 2017A (Senior Tax Increment Revenue Bonds) (Tax-Exempt) Series 2017B (Senior Tax Increment Revenue Bonds) (Taxable) Series 2017C (Subordinate Tax Increment Revenue Bonds) (Taxable) (the “Bonds”). The proceeds of the Bonds will be used to (i) finance a portion of outstanding debt, (ii) fund debt service funds, (iii) fund debt service reserve funds and (iv) pay certain costs of issuance. The Firm served as Counsel to the Underwriter on the transaction which closed on November 14, 2017.
The City of Memphis, Tennessee General Improvement Refunding Bonds, Series 2020 (the “Bonds”). The proceeds of the Bonds will be used to: (a) provide for the payment of $150,000,000 principal amount of outstanding General Obligation Commercial Paper at their respective maturities; (b) provide for the current refunding of the City's outstanding: (i) General Improvement Bonds, Series 2009, (ii) General Improvement Bonds, Series 2010A, and (iii) General Improvement Refunding Bonds, Series 2010D; and (c) provide for the payment of costs of issuance of the Bonds. The Firm served as Co-Bond Counsel to the City of Memphis on the transaction which closed on April 29, 2020.
Shelby County Tennessee General Obligation Refunding Bond, Series 2020 (the "Bond"). The Bond is being issued for the purpose of (i) current refunding in advance of their respective maturities all or a portion of the County's (a) General Obligation Refunding Bonds, 2009 Series A, and (b) General Obligation Refunding Bonds, 2011 Series A, and (ii) providing for the payments of the costs of issuance of the Series 2020 Bond. The Firm served as Co-Bond Counsel to the County on the transaction which closed on February 18, 2020.
Shelby County Tennessee General Obligation Bond Anticipation Note, Series 2019 (the "Note"). The Note is being issued (i) to provide moneys to finance certain capital projects of Shelby County, including schools, or for any other lawful purpose, and (ii) to pay the costs of issuance and sale of the Note. The Firm served as Co-Bond Counsel to the County on the transaction which closed on October 3, 2019.
Shelby County Tennessee General Obligation Bond Anticipation Note, Series 2019 (the "Note"). The Note is being issued (i) to provide moneys to finance certain capital projects of Shelby County, including schools, or for any other lawful purpose, and (ii) to pay the costs of issuance and sale of the Note. The Firm served as Co-Bond Counsel to the County on the transaction which closed on October 3, 2019.
Memphis Light Gas & Water Division of the City of Memphis, Tennessee Electric System Revenue Bonds Series 2017 (the “Electric System Bonds”). The proceeds of the Electric System Bonds will be used to (i) finance the costs of acquiring, expanding and/or improving the electric system and (ii) pay certain costs of issuance. The Firm served as sole Counsel to the Underwriters' on the transaction which closed on September 28, 2017.
The City of Jackson, Mississippi Tax Increment Financing Revenue Bond, Series 2018 (Westin Hotel Project) (the “Bond”). The proceeds of the Bond will be used to (i) finance and/or reimburse public infrastructure and site improvements to the Westin Hotel, which is located within the city limits of Jackson and encompassing an entire city block bound by streets Tombigbee, Court, Congress and West including the former Mississippi Valley Title Building, and (ii) pay the costs of issuing the Bond. The Firm served as sole Bond Counsel to the City of Jackson on the transaction which closed on October 15, 2018.
The Memphis and Shelby County Sports Authority Inc. Revenue Refunding Bonds (Memphis Arena Project), 2019 Series B (the “Bonds”). The proceeds of the Bonds will be used to currently refund all or a portion of the Authority’s outstanding Revenue Refunding Bonds, 2009 Series B in order to achieve certain debt service savings for the Authority. The Firm served as Disclosure Counsel to the Authority on the transaction which closed on August 5, 2019.
Memphis Light Gas & Water Division of the City of Memphis, Tennessee Gas System Revenue Bonds Series 2017 (the “Gas System Bonds”). The proceeds of the Gas System Bonds will be used to (i) finance the costs of acquiring, expanding and/or improving the gas system and (ii) pay certain costs of issuance. The Firm served as sole Counsel to the Underwriters' on the transaction which closed on September 28, 2017.
The Memphis and Shelby County Sports Authority Inc. Revenue Refunding Bonds (Memphis Arena Project), 2019 Series A (the “Bonds”). The proceeds of the Bonds will be used to currently refund all or a portion of the Authority’s outstanding Revenue Refunding Bonds, 2009 Series A (Memphis Arena Project) in order to achieve certain debt service savings for the Authority. The Firm served as Disclosure Counsel to the Authority on the transaction which closed on August 5, 2019.
Memphis Light Gas & Water Division of the City of Memphis, Tennessee Water System Revenue Bonds Series 2017 (the “Water System Bonds”). The proceeds of the Water System Bonds will be used to (i) finance the costs of acquiring, expanding and/or improving the electric system and (ii) pay certain costs of issuance. The Firm served as sole Counsel to the Underwriters' on the transaction which closed on September 28, 2017.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Gospel Gardens Apartments) Series 2018 (the “Bonds”). The proceeds of the Bonds will be used for providing all or part of the funds with which to pay the cost of the acquisition, rehabilitation and equipping of an approximately 200-unit multifamily rental housing project in Memphis, Shelby County, Tennessee, to be known as Gospel Gardens Apartments. The Firm served as Counsel to the Issuer on the transaction which closed on September 14, 2018.
Economic Development Growth Engine Industrial Development Board of the City of Memphis and County of Shelby, Tennessee (Southbrook Towne Centre) Qualified Energy Conservation Bond Series 2017 (Federally Taxable) (the “Bonds”). The proceeds of the Bonds will be used to finance (i) energy conservation installations and (ii) other improvements to the multi-purpose mixed used facility formerly known as Southbrook Mall. The Firm served as sole Bond Counsel on the transaction which closed on September 18, 2017.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Cavelier Court Apartments) Series 2018 (the “Bonds”). The proceeds of the Bonds will be used for providing all or part of the funds with which to pay the cost of the acquisition, rehabilitation and equipping of an approximately 200-unit multifamily rental housing project in Memphis, Shelby County, Tennessee, to be known as Cavelier Court Apartments. The Firm served as Counsel to the Issuer on the transaction which closed on September 13, 2018.
Shelby County, Tennessee General Obligation Refunding Bonds, 2019 Series B (the "Bonds"). The proceeds of the Bonds will be used, together with other available funds of the County to (i) currently refund the County's General Obligation Public Improvement and School Bonds, 2009 Series B and General Obligation Public Improvement and School Bonds, 2009 Series C (Federally-Taxable Build America Bonds-Direct Payment) and (ii) pay certain costs of issuance for the Bonds. The Firm served as Disclosure Counsel to the County on the transaction which closed on February 14, 2019.
The Memphis-Shelby County Airport Authority Airport Revenue Bonds, Series 2018 (AMT) (the "Bonds"). The proceeds of the Bonds will be used to (i) finance a portion of the costs of construction, equipping and modernization of a significant portion of Concourse B and related improvements, (ii) fund a capitalized interest account, (iii) fund a debt service reserve account and (iv) pay related costs of issuance. The Firm served as sole Counsel to the Underwriters' on the transaction which closed on August 30, 2018.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Multifamily Housing Revenue Bonds (Mason Village) Series 2017 (the “Bonds”). The proceeds of the Bonds will be used to finance a portion of the cost of acquiring, constructing and equipping a 77-unit multifamily elderly housing development rental facility in Memphis, Tennessee. The Firm served as both sole Bond Counsel and Counsel to the Issuer on the transaction which closed on August 11, 2017.
Shelby County, Tennessee General Obligation Public Improvement and School Bonds, 2019 Series A (the "Bonds"). The proceeds of the Bonds will be used, together with other available funds of the County to (i) finance various public works projects in the County and for school purposes; (ii) pay the principal due on the County's outstanding General Obligation Bond Anticipation Note, Series 2017 and (iii) pay the costs of issuance of the Bonds. The Firm served as Disclosure Counsel to the County on the transaction which closed on February 14, 2019.
Economic Development Growth Engine Industrial Development Board of the City of Memphis and County of Shelby, Tennessee, Tourism Development Zone Financing Refunding Bonds Series 2017 (the “Bonds”). The proceeds of the Bonds will be used to (i) refinance outstanding bonds and (ii) pay certain costs of issuance. The Firm served as Co-Counsel to the Underwriter on the transaction which closed on June 1, 2017.
The City of Jackson, Mississippi Tax Increment Financing Revenue Bonds, Series 2018 (The District At Eastover Project) (the “Bonds”). The proceeds of the Bonds will be used to (i) finance and/or reimburse public infrastructure and site improvements to the District at Eastover located between the City of Jackson's Eastover and Fondren neighborhoods which is adjacent to the I-55 corridor and the University of Mississippi Medical Center, and (ii) pay the costs of issuing the Bonds. The Firm served as sole Bond Counsel to the City of Jackson on the transaction which closed on August 24, 2018.
Mississippi Business Finance Corporation Taxable Revenue Refunding Bonds (Retro Metro, LLC Refunding Project), Series 2017 (the “Bonds”). The proceeds of the Bonds will be used to (i) refinance outstanding bonds and (ii) pay certain costs of issuance. The Firm served as sole Counsel to the Underwriter on the transaction which closed on March 30, 2017.
The Health Educational and Housing Facility Board of the City of Memphis, Tennessee Collateralized Multifamily Housing Bonds (Keystone Landing and Pendleton Place Apartments) Series 2018 (the “Bonds”). The proceeds of the Bonds will be used to finance a portion of the cost of acquiring, rehabilitating and equipping two multifamily residential rental facilities located in Memphis, Tennessee, known as Keystone Landing Apartments and Pendleton Place Apartments. The Firm served as Counsel to the Issuer on the transaction which closed on July 19, 2018.
The City of Memphis, Tennessee General Improvement Bonds Series 2018 (the “Bonds”). The proceeds of the Bonds will be used to (i) finance various public works projects of the City, (ii) provide for the payment of $150,00,000 principal amount outstanding General Obligation Commercial Paper at their respective maturities, and (iii) provide for the costs of issuance of the Bonds. The Firm served as Co-Bond Counsel to the City of Memphis on the transaction which closed on May 1, 2018.
$75 million will be invested into Activating Memphis 3.0 through: (i) Affordable Housing, where funds will be used for infrastructure, acquisition, and demolition in support of affordable housing development; (ii) Improving Information Access with Broadband Infrastructure, where funds will be used to bring fiber-optic internet capabilities to more neighborhoods, with a priority focus on providing enhanced opportunities for underserved communities; (iii) Safety Improvements in Priority Anchor Areas or Corridors, through intersection redesign, improved lighting, signal upgrades, crosswalk/sidewalk improvements, bike lanes and bicycle facility protection, street furniture, ADA improvements, and traffic calming; and (iv) small-scale investment in 34 anchor areas and large-scale investment in nine anchor areas to construct or improve (a) street recovering, (b) bus shelters, (c) light pole banners, (d) crosswalk/sidewalk improvements (e) signage improvements (f) public WiFi, (g) street light upgrades and more.
$75 million will be invested into Park Improvements through significant renovations to numerous greenlines and community centers, including but not limited to: (i) Gaisman, Gaston, Whitehaven, and Riverview community centers; (ii) Douglass, Gaisman, Audubon, and Pine Hill Parks; and (iii) South Memphis, Chelsea, Shelby Farms and Wolf River Greenlines. As we know, a wide range of maintenance needs exists in the City's parks system. Thus, with Deferred Maintenance, 25 existing playgrounds will be resurfaced, more than 100 neighborhood park locations will receive repair, ranging from park fixtures, paving, and other grounds maintenance as needed, 14 indoor and outdoor aquatic facilities will be renovated, seven City golf courses will receive clubhouse, cart path, and grounds maintenance, and there will roofing repairs, HVAC, plumbing and other necessary maintenance at all 30 community and senior centers within the City.
$50 million will be invested into Revitalizing City Assets, including but not limited to: (i) the Historic Melrose High School building, which will be redeveloped into a state-of-the-art library and genealogy center on the first floor and will be coupled with senior housing on the upper two floors; (ii) improvements to the existing amphitheater at Mud Island River Park; (iii) remediating the aesthetics of the downtown site located at 100 North Main to complement the nearby $200 million renovation of the Renasant Convention Center and other nearby development; (iii) Underpass Improvements, where the City plans to fund cosmetic, safety, and lighting improvements to a variety of railroad and street underpasses throughout the City, with the goal of improving the experience and sense of safety for pedestrians and motorists. The Firm served as Co-Bond Counsel and Counsel to the Issuer on the transactions which closed in July of 2021.
In 2021, the City of Memphis, Tennessee (the “City of Memphis”) proposed to redevelop the public area Liberty Park, formerly known as the “Memphis Fairgrounds.” The City’s Liberty Park Project is also historic and long-overdue initiative. The City, through the issuance of Revenue (Tourism Development Zone) Bonds are investing approximately $70 million into the Liberty Park campus to construct the Sports and Events Center, make new upgrades to Liberty Bowl Memorial Stadium, construct a bus hub for MATA and make various campus improvements for the benefit of the community. The Sports and Events Center will contain an indoor track with hydraulic banks; 12 basketball and volleyball courts; facilities for cheer, gymnastics, boxing, wrestling, and fencing; facilities for pickleball and other growing indoor sports; and more. The Sports and Events Center will contain a mix of floor level and mezzanine level seating, a family entertainment center and broadcast and social media ready camera platforms and press boxes. Also, an 18-acre space within Liberty Park has been set aside for private development of hospitality and mixed-use outlets, which will contain hospitality components, a family entertainment center, retail outlets, service and food and beverage amenities, as well as residential and office components. This is the first comprehensive redevelopment for the City of Memphis’ fairgrounds campus and the creation of the Sports and Events Complex serves as a national destination place for youth sports and other amateur athletics. This is also the last Tourism Development Zone approved by the State of Tennessee. The Firm served as Co-Bond Counsel on the transaction which closed in July of 2021.
In 2018, the Memphis-Shelby County Airport Authority (the “Airport Authority”) proposed to completely redesign its Concourse B within the Memphis International Airport (the “2018 Project”). The 2018 Project completely redesigned, reconstructed, and expanded the southeast leg of Concourse B to provide a more efficient facility with additional passenger amenities such as higher ceilings, increased natural lighting, wider corridors, larger gate areas, new concessions, moving walkways, additional seating, children’s play area, military lounge, and charging stations. Another significant portion of the 2018 Project involved bringing Concourse B up to modern seismic standards, because the Memphis International Airport is located near the New Madrid Seismic Zone which is a major seismic zone in the United States. The Airport Authority issued its $119,275,000 Airport Revenue Bonds, Series 2018 (AMT) to (i) finance a portion of the costs of construction, equipping and modernization of a significant portion of Concourse B and related improvements, (ii) fund a capitalized interest account, (iii) fund a debt service reserve account and to (iv) pay related costs of issuance. This was a historic project for the Memphis International Airport as this was the first comprehensive redevelopment of its Concourses to improve the passenger experience, efficiency and overall beautification. The Firm served as sole Counsel to a syndicate of national underwriting firms on the transaction which closed in August of 2018.
In 2006, our Firm served as Counsel to the Underwriters’ in the $1,060,220,000 Tennessee Energy Acquisition Corporation (“TEAC”) Gas Project Revenue Bonds, Series 2006C, for a 20-year prepaid natural gas acquisition. The Bonds were issued to finance the costs of acquisition of the gas project, which consists of a prepayment for a 20-year supply of natural gas under the pre-paid gas purchase agreement between TEAC and J. Aron & Company.
In the Fall of 2005, the FedExForum, home of the NBA Grizzlies Basketball Team was opened. Our Firm served in various capacities with the development of the FedExForum.. We initially served as Counsel to Underwriters’ to issue the tax-exempt bonds where we represented Goldman Sachs & Co. and other investment banking firms. Thereafter, our Firm served as Special Counsel to the Shelby County Tennessee government regarding contentious issues surrounding the lack of minority and women business enterprise (“M/WBE”) participation, and later as General Counsel to the New Memphis Arena Public Building Authority ("PBA"). Following the unexpected death of David Bennett, PBA Executive Director, Attorney Charles E. Carpenter served as Acting Executive Director of the PBA interfacing with elected officials at the State, County and City levels and managed the finalization and winding up of construction claims and lawsuits through the PBA’s owner controlled insurance program. The over $206 Million construction budget for the FedExForum was the largest public project ever undertaken by the City of Memphis and Shelby County governments and was concluded on-time and within budget while achieving an historic twenty-five percent (25%) M/WBE participation and over sixty percent (60%) local participation, a historic first for such a large local public project.
In 2003, our Firm served as Counsel to the Underwriters’ in the $1392,170,000 City of Memphis, Tennessee Memphis, Light, Gas & Water Division (“MLGW”) Electric System Subordinate Revenue Bonds Series 2003A ($1,292,170,000) and Series 2003B ($100,000,000) (the “Bonds”). The Bonds were issued to prepay for capacity costs of electricity that MLGW acquired from the Tennessee Valley Authority for a period of fifteen years. This was one of the first electric prepay transactions in the United States.