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Board closes public hearing, approves resolution for student-housing revenue bond
Summary
The board opened and closed a public hearing on a proposed student-housing revenue bond for a PRG/Oxford Properties project to finance about 850 beds and 450 parking spaces; attorney Amanda Tolleson said the bonds would not be general obligation debt and the board approved a resolution to proceed.
Amanda Tolleson, attorney with Butler Snow representing the borrower, described a proposed public-private student-housing project and asked the board to open a public hearing on issuance of public-financing authority student-housing revenue bonds for PRG Oxford Properties LLC, Westrow Project, series 2026. Amanda said the bonds would support construction of "850 beds of new student housing and 450 surface parking spaces" and noted the project would be partly within Oxford.
Amanda also read provisions that the issuance "will not constitute a debt or general obligation of the state of Mississippi or of the city." No members of the public spoke during the hearing. The board closed the hearing and approved a resolution to permit the issuance of bonds in an amount the materials list as not to exceed $120,000,000 (Amanda described the project as a $125,000,000 financing when presenting project scale). The board recorded its approval by voice vote.
The board’s vote authorized staff to proceed with required steps under the code; the resolution and any financing documents will return for signatures and further administrative steps as required by state law.
