Notice of Hearing on Bond Issue - The Rhys Apartments

SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY
NOTICE OF HEARING ON BOND ISSUE

The South Dakota Housing Development Authority (SDH) will hold a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986 on Tuesday, August 5, 2025, at 9:00 a.m. CT, at SDH’s Conference Room, 3060 East Elizabeth Street, Pierre, South Dakota, and via Microsoft Teams platform in which participants may join by telephone at 1.469.253.5858; phone conference code: 47415496#. Interested persons may also access the public hearing online via the Microsoft Teams link.

This hearing is for the proposed issuance of multifamily housing bonds in an aggregate principal amount not to exceed $42,000,000 for the purpose of financing the new construction of The Rhys Apartments, a 178-unit apartment building, providing multifamily housing. The developer will be Big Red Development, LLC, and the new owner will be BRD Sioux Falls, a South Dakota limited partnership or an affiliate thereof. The Rhys Apartments will be located at 4425 Crossroads Place, Sioux Falls, South Dakota.

The proceeds received by SDH from the sale of the bonds, net of cost of issuance and the establishment of reserves, will be loaned to the developer for the new construction of the development described above. The bonds will be payable from loan repayments to be made by the owner and other revenues pledged by SDH. Neither SDH nor the State of South Dakota will be liable thereon and the bonds will not be a debt of the state.

All persons interested will be given an opportunity to express their views at the hearing, or may present their views in writing addressed to the undersigned prior to the hearing, which written comments will be considered at the hearing.

Notice is further given to individuals with disabilities that this hearing is being held in a physically accessible place. Please notify SDH 48 hours before the public hearing if you have special needs for which SDH will need to make arrangements.

SDH does not discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin.

Chas Olson
Executive Director
South Dakota Housing Development Authority
PO Box 1237
Pierre, SD  57501