Provident Group - Bison Properties Inc. Revenue Bonds Project Approval Resolution of 2026

MURIELBOWSERMAYOR
April24,2026
The Honorable PhilMendelson
Chairman
‘Councilofthe Districtof Columbia
John A. Wilson Building
1350 PennsylvaniaAvenue, NW, Suite504
Washington,DC 20004
Dear Chairman Mendelson:
Enclosed forconsiderationand adoptionby theCouncilof theDistrictof Columbia isa proposed
resolutiontitled“ProvidentGroup - Bison PropertiesInc.Revenue Bonds ProjectApproval
Resolutionof 2026”.
Theresolutionauthorizestheissuance,sale,anddeliveryoftax-exemptrevenuebonds,notes,orotherobligationsinanaggregateprincipalamountnottoexceed$460,000,000.Thefinancinginvolvesthreecoordinatedpurposes.
First,theproceedsof thebond issuancewillbe used torefundthreeexistingbond issuances:the
Districtof Columbia Revenue Bonds (ProvidentGroup — Bison PropertiesIssue),includingthe
SeniorSeries2022A originallyissuedintheaggregateprincipalamount of $225,000,000,the
SubordinateSeries2022B-1 intheamount of $25,000,000,and theSubordinateSeries2022B-2
intheamount of $49,882,145.95,allapproved pursuanttotheprovisionsof theProvidentGroup
~ Bison PropertiesInc.Revenue Bonds ProjectApproval Resolutionof 2022 (ResolutionNo. 24-
687, effectiveDecember 6,2022).
Second,thebond proceedswillbe used tofund theacquisitionfrom Howard Universityof long-
term leaseholdinterestsina studentdormitoryknown as theMary M. Bethune Annex, locatedat
2225 FourthStreet,NW.
Third,theproceedsofthebondissuancewillbeusedtocoverthecostsofdeferredmaintenanceandcapitalimprovements,includinglifesafetyupgrades,fortheMaryM.BethuneAnnexandotherHowardUniversitystudenthousingfacilities,includingEastTower,WestTower,DrewHall,andCookHall.
Inaccordancewith section490of theHome Rule Act,ithas been determinedthatthebonds,
when, as,andif issued,shallbe withoutrecoursetotheDistrict.The bonds shallnot be general
obligationsof theDistrict;shallnotbe a pledgeof or involvethefullfaithand creditor the
taxingpoweroftheDistrict;shallnotconstituteadebtoftheDistrict;andshallnotconstitutealendingofpubliccreditforaprivateundertakingasprohibitedinsection602(a)(2)oftheHomeRuleAct.ThebondsshallnotgiverisetoanypecuniaryliabilityoftheDistrict,andtheDistrictshallhavenoobligationwithrespecttothepurchaseofthebonds.
Turge theCouncilto takeprompt and favorableactionon theenclosedmeasure.
Sincerely,
Mbriel Bywser
Enclosure
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~
at the request of the Mayor
A PROPOSED RESOLUTION
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to
exceed $460 million of District of Columbia revenue bonds in one or more series pursuant
to a plan of finance and to authorize and provide for the loan of the proceeds of such bonds
to assist Provident Group - Bison Properties Inc. in the financing, refinancing, or
reimbursing of costs associated with an authorized project pursuant to section 490 of the
District of Columbia Home Rule Act.
RESOLVED , BY THE COUNCIL OF THE DISTRICT OF COLUMBIA , That this
resolution may be cited as the "Provident Group -Bison Properties Inc. Revenue Bonds Project
Approval Resolution of 2026".
Sec. 2. Definitions.
For the purposes of this resolution, the term:
(1) "A uthorized Delegate" means the Mayor or the Deputy Mayor for Planning and
Economic Development, or any officer or employee of the Executive Office of the Mayor to whom
the Mayor has delegated or to whom the foregoing individuals have subdelegated any of the
Mayor's functions under this resolution pursuant to section 422(6) of the Home Rule Act.
(2) "Bond Counsel" mean s a firm or firms of attorneys designated as bond counsel
from time to time by the Mayor.
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(3) “Bonds” means the District of Columbia revenue bonds, notes, or other 33
obligations (including refunding bonds, notes, and other obligations), in one or more series, 34
authorized to be issued pursuant to this resolution. 35
(4) “Borrower” means the owner of the assets financed, refinanced, or reimbursed 36
with proceeds from the Bonds, which shall be Provident Group – Bison Properties Inc., a 37
corporation organized and existing under the laws of the District of Columbia, qualified to do 38
business in the District of Columbia, and exempt from federal income taxes under 26 U.S.C 39
§ 501(a) as an organization described in 26 U.S.C. § 501(c)(3). 40
(5) “Closing Documents” means all documents and agreements other than Financing 41
Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds and to make 42
the Loan, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar 43
instruments. 44
(6) “District” means the District of Columbia. 45
(7) “Financing Documents” means the documents other than Closing Documents 46
that relate to the financing, refinancing or reimbursement of transactions to be effected through the 47
issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering 48
document, and any required supplements to any such documents. 49
(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved 50
December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-201.01 et seq.). 51
(9) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred in 52
connection with the authorization, preparation, printing, issuance, sale, and delivery of the Bonds 53
and the making of the Loan, including, but not limited to, underwriting, legal, accounting, rating 54
agency, and all other fees, costs, charges, and expenses incurred in connection with the development 55
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and implementation of the Financing Documents, the Closing Documents, and those other 56
documents necessary or appropriate in connection with the authorization, preparation, printing, 57
issuance, sale, marketing, and delivery of the Bonds and the making of the Loan, together with 58
financing fees, costs, and expenses, including program fees and administrative fees charged by the 59
District, fees paid to financial institutions and insurance companies, initial letter of credit fees (if 60
any), compensation to financial advisors and other persons (other than full-time employees of the 61
District) and entities performing services on behalf of or as agents for the District. 62
(10) “Loan” means the District’s lending of proceeds from the sale, in one or more 63
series, of the Bonds to the Borrower. 64
(11) “Project” means the financing, refinancing or reimbursing of the Borrower for 65
all or a portion of the Borrower's costs incurred in connection with: 66
(A) Refunding: 67
(i) The District of Columbia Revenue Bonds (Provident Group - 68
Bison Properties Issue), Senior Series 2022A, originally issued in the aggregate principal amount 69
of $225,000,000; 70
(ii) The District of Columbia Revenue Bonds (Provident Group - 71
Bison Properties Issue), Subordinate Series 2022B-1, originally issued in the aggregate principal 72
amount of $25,000,000; and 73
(iii) The District of Columbia Revenue Bonds (Provident Group - 74
Bison Properties Issue), Subordinate Series 2022B-2, originally issued in the aggregate principal 75
amount of $49,882,145.95, pursuant to provisions of Provident Group - Bison Properties Inc. 76
Revenue Bonds Project Approval Resolution of 2022 (Resolution No. 24-0687, adopted by the 77
Council on December 6, 2022); 78
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(B) The acquisition from Howard University of long-term leasehold 79
interests in a student dormitory known as the Mary M. Bethune Annex, located at 2225 Fourth 80
Street, NW, Washington DC (the “Bethune Annex”); 81
(C) Funding the costs of certain deferred maintenance and capital 82
improvements, including life safety improvements to the Bethune Annex and certain other 83
student dormitories known as East Tower Project, West Tower Project, Drew Hall and Cook 84
Hall, located, respectively, at 2251 Sherman Avenue, NW, Washington D.C.; 500 Harvard 85
Street, NW, Washington D.C.; and 511 Fairmont Street, NW, Washington D.C. (collectively, 86
with the Bethune Annex, the “Howard Dormitories”); 87
(D) Funding the purchase of certain equipment and furnishings for the 88
Howard Dormitories, together with other property, real and personal, functionally related and 89
subordinate thereto; 90
(E) Funding certain working capital costs, to the extent financeable 91
relating to the Bonds; 92
(F) Funding interest on the Bonds and any credit enhancement costs, 93
liquidity costs or debt service reserve fund relating to the Bonds; and 94
(G) Paying allowable Issuance Costs. 95
Sec. 3. Findings. 96
The Council finds that: 97
(1) Section 490 of the Home Rule Act provides that the Council may by resolution 98
authorize the issuance of District revenue bonds, notes, or other obligations (including refunding 99
bonds, notes, or other obligations) to borrow money to finance, refinance, or reimburse costs, and to 100
assist in the financing, refinancing, or reimbursing of, the costs of undertakings in certain areas 101
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designated in section 490 and may effect the financing, refinancing, or reimbursement by loans 102
made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note, 103
or other security, or by the purchase, lease, or sale of any property. 104
(2) The Borrower has requested the District to issue, sell, and deliver revenue bonds, 105
in one or more series, in an aggregate principal amount not to exceed $460 million, and to make the 106
Loan for the purpose of financing, refinancing, or reimbursing costs of the Project. 107
(3) The Project is located in the District and will contribute to the health, education, 108
safety, or welfare of, or the creation or preservation of jobs for, residents of the District, or to 109
economic development of the District. 110
(4) The Project is an undertaking in the area of a facility used in connection with 111
educational purposes as set forth within the meaning of section 490 of the Home Rule Act . 112
(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to the 113
Borrower are desirable, are in the public interest, will promote the purpose and intent of section 490 114
of the Home Rule Act, and will assist the Project. 115
Sec. 4. Bond authorization. 116
(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in 117
financing, refinancing, or reimbursing the costs of the Project by: 118
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an 119
aggregate principal amount not to exceed $460 million; and 120
(2) The making of the Loan. 121
(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of financing, 122
refinancing, or reimbursing the costs of the Project and establishing any fund with respect to the 123
Bonds as required by the Financing Documents. 124
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(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, an 125
amount sufficient to cover costs and expenses incurred by the District in connection with the 126
issuance, sale, and delivery of each series of the Bonds, the District’s participation in the monitoring 127
of the use of the Bond proceeds and compliance with any public benefit agreements with the 128
District, and maintaining official records of each bond transaction and assisting in the redemption, 129
repurchase, and remarketing of the Bonds. 130
(d) The Bond authorization set forth in this resolution includes the authorization to issue 131
refunding Bonds to refinance any Bonds previously issued under this resolution to finance the 132
Project; provided that the maximum principal amount of Bonds outstanding at any time does not 133
exceed the maximum principal amount of Bonds authorized hereunder. 134
Sec. 5. Bond details. 135
(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably 136
necessary or appropriate in accordance with this resolution in connection with the preparation, 137
execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including, 138
but not limited to, determinations of: 139
(1) The final form, content, designation, and terms of the Bonds, including a 140
determination that the Bonds may be issued in certificated or book-entry form; 141
(2) The principal amount of the Bonds to be issued and denominations of the Bonds; 142
(3) The rate or rates of interest or the method for determining the rate or rates of 143
interest on the Bonds; 144
(4) The date or dates of issuance, sale, and delivery of, and the payment of interest 145
on the Bonds, and the maturity date or dates of the Bonds; 146
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(5) The terms under which the Bonds may be paid, optionally or mandatorily 147
redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before 148
their respective stated maturities; 149
(6) Provisions for the registration, transfer, and exchange of the Bonds and the 150
replacement of mutilated, lost, stolen, or destroyed Bonds; 151
(7) The creation of any reserve fund, sinking fund, or other fund with respect to the 152
Bonds; 153
(8) The time and place of payment of the Bonds; 154
(9) Procedures for monitoring the use of the proceeds received from the sale of the 155
Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the 156
purposes of the Home Rule Act and this resolution; 157
(10) Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction 158
where the Bonds are marketed; and 159
(11) The terms and types of credit enhancement, if any, under which the Bonds may 160
be secured. 161
(b) The Bonds shall contain a legend, which shall provide that the Bonds are special 162
obligations of the District, are without recourse to the District, are not a pledge of, and do not 163
involve the faith and credit or the taxing power of the District, do not constitute a debt of the 164
District, and do not constitute lending of the public credit for private undertakings as prohibited in 165
section 602(a)(2) of the Home Rule Act. 166
(c) The Bonds shall be executed in the name of the District and on its behalf by the manual 167
or facsimile signature of the Mayor, and attested by the Secretary of State of the District of 168
Columbia by the Secretary of State of the District of Columbia’s manual or facsimile signature. The 169
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Mayor’s execution and delivery of the Bonds shall constitute conclusive evidence of the Mayor’s 170
approval, on behalf of the District, of the final form and content of the Bonds. 171
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or 172
otherwise reproduced on the Bonds. 173
(e) The Bonds of any series may be issued in accordance with the terms of a trust instrument 174
to be entered into by the District and a trustee to be selected by the Borrower subject to the approval 175
of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor 176
pursuant to section 490(a)(4) of the Home Rule Act. 177
(f) The Bonds may be issued at any time or from time to time in one or more issues and in 178
one or more series. 179
Sec. 6. Sale of the Bonds. 180
(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or 181
below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the 182
best interest of the District. 183
(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the 184
Bonds, offering documents on behalf of the District, may deem final any such offering document on 185
behalf of the District for purposes of compliance with federal laws and regulations governing such 186
matters and may authorize the distribution of the documents in connection with the sale of the 187
Bonds. 188
(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the 189
District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to the 190
original purchasers of the Bonds upon payment of the purchase price. 191
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(d) The Bonds shall not be issued until the Mayor receives an approving opinion from Bond 192
Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is expected to 193
be exempt from federal income taxation, the treatment of the interest on the Bonds for purposes of 194
federal income taxation. 195
Sec. 7. Payment and security. 196
(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely from 197
proceeds received from the sale of the Bonds, income realized from the temporary investment of 198
those proceeds, receipts and revenues realized by the District from the Loan, income realized from 199
the temporary investment of those receipts and revenues prior to payment to the Bond owners, other 200
moneys that, as provided in the Financing Documents, may be made available to the District for the 201
payment of the Bonds, and other sources of payment (other than from the District), all as provided 202
for in the Financing Documents. 203
(b) Payment of the Bonds shall be secured as provided in the Financing Documents and by 204
an assignment by the District for the benefit of the Bond owners of certain of its rights under the 205
Financing Documents and Closing Documents, including a security interest in certain collateral, if 206
any, to the trustee for the Bonds pursuant to the Financing Documents. 207
(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the 208
sale of the Bonds pursuant to the Financing Documents. 209
Sec. 8. Financing and Closing Documents. 210
(a) The Mayor is authorized to prescribe the final form and content of all Financing 211
Documents and all Closing Documents to which the District is a party that may be necessary or 212
appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of 213
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the Financing Documents and each of the Closing Documents to which the District is not a party 214
shall be approved, as to form and content, by the Mayor. 215
(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the 216
Financing Documents and any Closing Documents to which the District is a party by the Mayor’s 217
manual or facsimile signature. 218
(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, 219
printed, or otherwise reproduced on the Financing Documents and the Closing Documents to which 220
the District is a party. 221
(d) The Mayor’s execution and delivery of the Financing Documents and the Closing 222
Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s 223
approval, on behalf of the District, of the final form and content of the executed Financing 224
Documents and the executed Closing Documents. 225
(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and 226
Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and 227
delivery of the Bonds, and to ensure the due performance of the obligations of the District contained 228
in the executed, sealed, and delivered Financing Documents and Closing Documents. 229
Sec. 9. Authorized delegation of authority. 230
To the extent permitted by District and federal laws, the Mayor may delegate to any 231
Authorized Delegate the performance of any function authorized to be performed by the Mayor 232
under this resolution. 233
Sec. 10. Limited liability. 234
(a) The Bonds shall be special obligations of the District. The Bonds shall be without 235
recourse to the District. The Bonds shall not be general obligations of the District, shall not be a 236
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pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a 237
debt of the District, and shall not constitute lending of the public credit for private undertakings as 238
prohibited in section 602(a)(2) of the Home Rule Act. 239
(b) The Bonds shall not give rise to any pecuniary liability of the District and the District 240
shall have no obligation with respect to the purchase of the Bonds. 241
(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing 242
Documents shall create an obligation on the part of the District to make payments with respect to 243
the Bonds from sources other than those listed for that purpose in section 7. 244
(d) The District shall have no liability for the payment of any Issuance Costs or for any 245
transaction or event to be effected by the Financing Documents. 246
(e) All covenants, obligations, and agreements of the District contained in this resolution, 247
the Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to 248
which the District is a party, shall be considered to be the covenants, obligations, and agreements of 249
the District to the fullest extent authorized by law, and each of those covenants, obligations, and 250
agreements shall be binding upon the District, subject to the limitations set forth in this resolution. 251
(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have 252
any claims against the District or any of its elected or appointed officials, officers, employees, or 253
agents for monetary damages suffered as a result of the failure of the District or any of its elected or 254
appointed officials, officers, employees or agents to perform any covenant, undertaking, or 255
obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents, as 256
a result of the incorrectness of any representation in or omission from the Financing Documents or 257
the Closing Documents, unless the District or its elected or appointed officials, officers, employees, 258
or agents have acted in a willful and fraudulent manner. 259
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Sec. 11. District officials. 260
(a) Except as otherwise provided in section 10(f), the elected or appointed officials, officers, 261
employees, or agents of the District shall not be liable personally for the payment of the Bonds or be 262
subject to any personal liability by reason of the issuance, sale or delivery of the Bonds, or for any 263
representations, warranties, covenants, obligations, or agreements of the District contained in this 264
resolution, the Bonds, the Financing Documents, or the Closing Documents. 265
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of 266
any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall 267
be valid and sufficient for all purposes notwithstanding the fact that the individual signatory 268
ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing 269
Documents. 270
Sec.12. Maintenance of documents. 271
Copies of the specimen Bonds and of the final Financing Documents and Closing 272
Documents shall be filed in the Office of the Secretary of State of the District of Columbia. 273
Sec.13. Information reporting. 274
Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the 275
issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the 276
Council. 277
Sec. 14. Disclaimer. 278
(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this 279
resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as 280
obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or assist 281
the Borrower in any way with financing, refinancing, or reimbursing the costs of the Project. The 282
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Borrower shall have no claims for damages or for any other legal or equitable relief against the 283
District, its elected or appointed officials, officers, employees, or agents as a consequence of any 284
failure to issue any Bonds for the benefit of the Borrower. 285
(b) The District reserves the right to issue the Bonds in the order or priority it determines in 286
its sole and absolute discretion. The District gives no assurance and makes no representations that 287
any portion of any limited amount of bonds or other obligations, the interest on which is excludable 288
from gross income for federal income tax purposes, will be reserved or will be available at the time 289
of the proposed issuance of the Bonds. 290
(c) The District, by adopting this resolution or by taking any other action in connection with 291
financing, refinancing, or reimbursing costs of the Project, does not provide any assurance that the 292
Project is viable or sound, that the Borrower is financially sound, or that amounts owing on the 293
Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the Bonds, nor 294
any other person shall rely upon the District with respect to these matters. 295
Sec. 15. Expiration. 296
If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of 297
the date of this resolution, the authorization provided in this resolution with respect to the issuance, 298
sale, and delivery of the Bonds shall expire. 299
Sec. 16. Severability. 300
If any particular provision of this resolution, or the application thereof to any person or 301
circumstance is held invalid, the remainder of this resolution and the application of such provision 302
to other persons or circumstances shall not be affected thereby. If any action or inaction 303
contemplated under this resolution is determined to be contrary to the requirements of applicable 304
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law, such action or inaction shall not be necessary for the purpose of issuing of the Bonds, and the 305
validity of the Bonds shall not be adversely affected. 306
Sec. 17. Compliance with public approval requirement. 307
This approval shall constitute the approval of the Council as required in section 147(f) of 308
the Internal Revenue Code of 1986, as amended (the “Code”), and section 490(k) of the Home 309
Rule Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the 310
Bonds. This resolution approving the issuance of the Bonds for the Project has been adopted by 311
the Council after a public hearing held in accordance with section 147(f) of the Code, as such 312
section may be amended, and the corresponding regulations promulgated by the United States 313
Department of the Treasury. 314
Sec. 18. Transmittal. 315
The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor. 316
Sec. 19. Fiscal impact statement. 317
The Council adopts the fiscal impact statement of the committee report as the fiscal 318
impact statement required by section 4a of the General Legislative Procedures Act of 1975, 319
approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a). 320
Sec. 20. Effective date. 321
This resolution shall take effect immediately. 322
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Provident Group Bison Properties Inc.
Revenue Bond

FACT SHEET

Provident Group Bison Properties Inc. has requested that the District issue up to $460,000,000 in
revenue bonds to support financing for ongoing renovations and new construction associated
with properties located at 2225 Fourth Street, NW, 2251 Sherman Avenue, NW, 500 Harvard
Street, NW, 511 Fairmont Street, NW, and 2229 4th Street, NW, all of which are situated in
Ward 1.

The Applicant

Provident Resources Group (“Provident”) is a U.S.-based nonprofit organization founded in
1999 and headquartered in Baton Rouge, Louisiana. It focuses on developing and managing
large-scale infrastructure projects that serve public needs, particularly in the areas of education,
healthcare, housing, and senior living. The organization partners with universities, hospitals, and
government entities to finance, build, own, and operate facilities such as student housing,
medical centers, and residential communities.

In addition to financing and development, Provident plays an active role in managing assets over
time, ensuring operational stability and long-term viability. Its projects are often designed to
align with the strategic goals of its partners, such as increasing student housing capacity,
improving access to healthcare services, or expanding community-based living options for
underserved populations. Over the years, the organization has facilitated billions of dollars in
project financing and helped develop tens of thousands of student housing beds on college
campuses nationwide, along with numerous healthcare and residential facilities.

Provident Group Bison Properties Inc. is the single purpose non-profit entity that was created for
this Howard University project.

Proposed Project

The financing is intended to support the following purposes:

o Refunding three existing bond issuances: the District of Columbia Revenue Bonds
(Provident Group – Bison Properties Issue), including the Senior Series 2022A originally
issued in the aggregate principal amount of $225,000,000, the Subordinate Series 2022B-
1 in the amount of $25,000,000, and the Subordinate Series 2022B-2 in the amount of
$49,882,145.95, all issued pursuant to the provisions of the Provident Group – Bison
Properties Inc. Revenue Bonds Project Approval Resolution of 2022 (Resolution No. 24-
0687, effective December 6, 2022).

o Funding the acquisition from Howard University of long-term leasehold interests in a
student dormitory known as the Mary M. Bethune Annex, located at 2225 Fourth Street,
NW, Washington, D.C.

Provident Group Bison Properties Inc.

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o Covering the costs of deferred maintenance and capital improvements, including life
safety upgrades, for the Bethune Annex and other student housing facilities collectively
referred to as the Howard Dormitories. These include East Tower Project, West Tower
Project, Drew Hall, and Cook Hall, located at 2251 Sherman Avenue, NW; 500 Harvard
Street, NW; and 511 Fairmont Street, NW, respectively.

Additional uses of funds include the purchase of equipment and furnishings for these
dormitories, along with other related real and personal property. The financing will further
support certain working capital costs, to the extent permissible, as well as fund interest on the
bonds and any associated credit enhancement, liquidity, or debt service reserve requirements.

Finally, proceeds will be applied toward paying allowable issuance costs.

Financing Plan

A summary of the proposed sources and uses of funds is attached (see Table 1).

Feasibility/Structure/Security of the Bonds

J.P. Morgan has reviewed the financial feasibility of Provident Group Bison Properties Inc. in
connection with the proposed approximately $460 million revenue bond application. Based on
the assessment of the organization’s financial position and financing needs, J.P. Morgan believes
such financing is feasible. Bonds will be a general obligation of Provident Group Bison
Properties Inc.

Legal and Regulatory Affairs

The law office of Tiber Hudson is assigned as bond counsel to the Revenue Bond Program and
has preliminarily determined that Provident Group Bison Properties Inc is a 501(c)(3)
organization, and the project constitutes a permissible undertaking in Section 490(a)(1) of the
District of Columbia Home Rule Act.

Based upon the information outlined in the application, the Revenue Bond Program staff has
determined that the proposed project complies with the criteria for approval of a proposed
financing transaction through the District’s Revenue Bond Program and will assist Provident
Group Bison Properties Inc in furthering its organizational mission.

GOVERNMENT OF THE DISTRICT OF COLUMBIA
OFFICE OF THE ATTORNEY GENERAL

Commercial Division
Tax & Finance Section

MEMORANDUM

TO: William Liggins
Director, Revenue Bond Program
Office of the Deputy Mayor for Planning and Economic Development

FROM: Patrick Allen
Senior Assistant Attorney General
Commercial Division

DATE: April 10, 2026

SUBJECT: Legal Sufficiency Certification of “Provident Group—Bison Properties
Inc Revenue Bonds Project Approval Resolution of 2026”.

This is to certify that the Commercial Division has reviewed the above-referenced
resolution and found it to be legally sufficient. If you have any questions in this regard,
please do not hesitate to call me at (202) 724-7754.

_________________________________
Patrick Allen
Senior Assistant Attorney General

Provident Group Bison Properties Inc.

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TABLE 1
PROPOSED SOURCES AND USES OF FUNDS

SOURCES OF FUNDS
Bond Proceeds $460,000,000

Total Sources of Funds $460,000,000

USE OF FUNDS
Refunding $335,662,674
Project Fund Deposits $78,224,595
Underwriter and Trustee Fees $4,835,469
Issuance Cost $2,000,000
Net Capitalized Interest $5,469,507
Debt Service Reserve Fund $33,807,755

Total Uses of Funds $460,000,000