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Home My WebLink AboutResolution 4552-12-2015 A Resolution NO. 4552-12-2015 A RESOLUTION APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS FOR THE GARDEN GATE APARTMENTS TO BE ISSUED BY CAPITAL TRUST AGENCY, INC. WHEREAS, Capital Trust Agency, Inc. (the "Issuer") is a Florida not-for-profit corporation empowered to issue bonds to finance the acquisition, improvement and rehabilitation of multifamily housing units inside and outside the State of Florida; and WHEREAS, AOF Garden Gate FW, LLC (the "Borrower"), a Texas limited liability company, whose sole member is AOF/Houston Affordable Housing Corp., a Texas nonprofit corporation, is seeking to borrow funds from the Issuer to finance the acquisition, improvement and rehabilitation of an existing multifamily housing residential rental project commonly known as the Garden Gate Apartments, located at 6901 North Beach Street, Fort Worth, Texas 76137 (the "Project"); WHEREAS, the Borrower has requested that the Issuer issue multifamily housing revenue bonds (the "Bonds") to finance such acquisition, improvement and rehabilitation, in one or more series, at one or more times, in an aggregate principal amount not to exceed $35,000,000, approximately $16,000,000 of which will be used for the Project; and WHEREAS, pursuant to the provisions of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the City Council of the City of Fort Worth, after the required public hearing following reasonable notice (the "TEFRA Hearing"), must approve issuance of bonds by the Issuer to enable the Bonds to qualify as tax- exempt obligations under the Code; and WHEREAS, the TEFRA Hearing for the issuance of the Bonds pursuant to the Plan of Finance was conducted at 6901 North Beach Street, Fort Worth, Texas 76137, on December 10, 2015 by a designated hearing officer of the Issuer. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. The City Council, solely for the purposes of section 147(f) of the Code, as the elected legislative body having jurisdiction over an area in which the facilities to be financed are located, hereby approves the proposed issuance of the Bonds pursuant to the Plan of Finance by the Issuer to finance the acquisition, improvement and rehabilitation of the Project, in an amount not to exceed $35,000,000, ORT WORT Resolution 4552-12-2015 approximately $16,000,000 of which will be used for the Project, and authorizes Mayor Betsy Price to execute an Approval Certificate evidencing such approval. Section 2. The foregoing approval is given in accordance with the provisions of section 147(f) of the Code and for no other purposes and is not to be construed as an undertaking by the City of Fort Worth. The Bonds shall not constitute a liability, indebtedness, or an obligation of the City of Fort Worth nor shall any of the assets of the City of Fort Worth be pledged to the payment of the Bonds. Section 3. This resolution shall take effect immediately from and after its passage in accordance with the provisions of the Charter of the City of Fort Worth and it is accordingly so resolved. PASSED AND APPROVED, this December 15, 2015. II-betsy� , "1Vlayor APPROVED AS TO FORM AND LEGALITY: By. Sarah J. ullenwider, City Attorney 00 000000 � 0 p ATTEST: 0 0 °0 o 'a" Ab, 0 0 00� #ass #By i ?j Xly Mary J. r C ty cretary 4 Signature Page—Resolution for TEFRA Approval for Garden Gate Apartments ORT WORT APPROVAL OF HIGHEST ELECTED OFFICIAL WHEREAS, a public hearing was held on December 10, 2015 in the City of Fort Worth, Texas by the Capital Trust Agency, Inc. (the "Issuer") with respect to the proposed issuance of one or more series of bonds (the "Bonds") to be issued by the Issuer, at one or more times, in an aggregate principal amount not to exceed $35,000,000, to finance, in part, pursuant to a plan of finance (the "Plan of Finance"), the acquisition, improvement and rehabilitation of a multifamily housing residential rental development located at 6901 North Beach Street, Fort Worth, Texas 76137, and no member of the public appeared at such public hearing; and WHEREAS, it is necessary for the undersigned, as the highest elected official of the City of Fort Worth, Texas, to approve the Bonds to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended(the"Code"); and WHEREAS, on December 15, 2015, the City Council of the City of Fort Worth, Texas adopted a resolution approving the Bonds to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") and authorizing the highest elected official of the City of Fort Worth, Texas,to execute this Certificate evidencing such approval; and NOW, THEREFORE, the undersigned Mayor of the City of Fort Worth, Texas, hereby attests to the City Council's approval of the issuance of the Capital Trust Agency Multifamily Housing Revenue Bonds (The Garden Gate Apartments Project) Series 2016 in one or more series, at one or more times, in an aggregate principal amount not to exceed $35,000,000, pursuant to the Plan of Finance, and such approval shall be solely for the purposes of section 147(f) of the Code, and the City of Fort Worth, Texas shall have no liabilities for the payment of the Bonds nor shall any of its assets be pledged to the payment of the Bonds. In Witness Whereof,I have set my hand this December ;2015. . �� Cry ofoFort Woh, Texas... ..........� �. . 'Mayor ,H �. m��... ............. [Signature Page—Approval of Highest Elected Official] REPORT OF HEARING OFFICER (AOF GARDEN GATE FW,LLC) This instrument shall constitute the official report of the undersigned designated official of the Capital Trust Agency (the "Agency"), a separate legal and administrative agency created and existing under Chapter 163, Part I, and Chapter 617, Florida Statutes, Chapter 163, Part 1, et seq., Chapter 166, Part 11, Florida Statutes, Chapter 617, Florida Statutes and other applicable provisions of law, with respect to a public hearing scheduled and held by the Agency on December 10, 2015, in connection with the proposed issuance of the Agency's not exceeding $35,000,000 revenue bonds (the "Bonds") on behalf of AOF Garden Gate FW, LLC, a Texas limited liability company, or one or more subsidiary or affiliated corporations, limited liability companies or limited partnerships (as applicable, the "Borrower"), whose principal office is at 4401 Northside Parkway, Suite 711, Atlanta, Georgia 30327. The proceeds of the Bonds will be loaned to the Borrower for financing or refinancing the cost of the acquisition, improvement and rehabilitation by the Borrower of existing low income multifamily rental housing facilities blown as t1Te Garden Gate Apartments and located at 6901 North Beach Street, Fort Worth, Texas (the "City"), as more frilly described on the attached Exhibit"A" (the "Facilities"). The public hearing was duly advertised in the Fort YYorlh Star-Telegran?, a newspaper of general circulation in the jurisdiction of the City, on November 24, 2015. The proof' of publication was presented to me at such hearing, and a copy is attached hereto as Exhibit "B" (the "Notice"), The hearing commenced at the time and location stated in the Notice. At such hearing, interested individuals were afforded reasonable opportunity to express their views, both orally and in writing, on all matters pertaining to the plan of finance and the financing of the Facilities, and the proposed use of the proceeds were presented. When the information had been presented, opportunity was given for members of the public in attendance to give their input. It was noted that no written communication was received. Appearing at the hearing were Philip Ken iedy, President of AOFIHouston Affordable Housing Corp., the sole member of the Borrower, Denise Burrell and Nicole McQuar y representing U.S. Residential Group, L.L.C., proposed property manager for the Facilities, and Heather McDonald, representing the current manager of the Facilities. No other persons appeared to offer comments or submit questions. The undersigned then concluded the hearing. Respectfully submitted, Ed Gray III Executive Director Capital Trust Agency 7 ACTIVE 211442532v.3 EXHIBIT "A"TO REPORT OF HEARING OFFICER (AOF GARDEN GATE FW,LLC) The Facilities consist of low-income multifamily rental housing facilities known as the Garden Gate Apartments and located at 6901 North Beach Street, Fort Worth, Texas, consisting of approximately 240 rental units. The Facilities are expected to be owned by the Borrower and to be managed initially by U.S. Residential Group, LLC. 2 ACTIVE 211442532v.3 EXHIBIT "B"TO REPORT OF HEARING OFFICER (AOF GARDEN GATE FW,LLQ PROOF OF PUBLICATION [FOLLOWS] 3 ACTIVE 211442532v.3 State of Texas County of Tarrant Before me, a Notary Public in and for said County and State,this day personally Appeared Ck (Z{St-1 V'-� (qu-2' ,Advertising Representative for the Fort Worth Star-Telegram, at Fort Worth, in Tarrant County, Texas and distributed in other surrounding Counties; and who, after being duly sworn, Did dispose and say that the following clipping of an advertisement was published In the above named paper on the follow dates: a4, DU� S Signed Subscribed and sworn to before me, this the day of IfA6J-P-"' 020 020 ( 3 Notary Public 0�1J,O-LA 11J. �� Tarrant County,Texas TUESDAY NOVEMBER 24 2015 I 1 STAR-TELEGRAM Farms, Lands, Ranches FORT WORTH Legal Notices FORECLOSURE CITY OF SAGINAW ORDINANCE NO.2015.09 AUCTIONS AN ORDINANCE AMENDING ORDI- I_ong I ide H pies NANCE NO 2015-03, WHICH ES- ,a•o.r, a-n PLANNED DEVELOPMENT ADIS- Properties going to auction TRICT; PROVIDING ADDITIONAL BUY NOW HUNT THIS YEAR! DEVELOPMENT STANDARDS AND Knox County on Tuesday, December 1 MODIFYING THE DEVELOPMENT 4400 acres with Minerals, Big PLAN; PROVIDING THAT THIS Deer,Dove,Quail,Turkey Ranch ORDINANCE SHALL BE CUMULA- has not been hunted in over 20 TIVE OF ALL ORDINANCES; PRO- yrs,SouthWich!ta River Frontage VISIT WWW.AUCTION.COM/FW VIDING A SEVERABILITY CLAUSE; Pipe Line Water,Electricity,Good PROVIDING FOR PUBLICATION IN _ "' Roads,production,Priced to sell THE OFFICIAL NEWSPAPER; Caif Joe W!Ison 214 784-3725 or PROVIDING A PENALTY FOR VI- "Now Building Homes in Your Sam Vester 210 844-3942 OLATIONS HEREOF;PROVIDING A Community" www.venadogranderanch.!nfo , SAVINGS CLAUSE; AND PROVID- SECTIOING EFFECTIVE DATE. Starting in the firm or corporation who , 15 AC. CONCHO COUNTY, SW OF Any person, Low$100 s EDEN. END OF ROAD, FENCE 2 violates,disobeys,omits,neglects z or refuses to comply with or who SIDES, LIVE OAK, MESQUITE Alvarado (817)330.8610 COVER. NATIVE, EXOTIC GAME. �� .[:19$ r • 3 ,:�°K, resists the enforcement of any of Azie/W'Ford 817 330.8552 the provisions of this ordinance ( ) $2,475 DN,$451/MO.800-876-9720 ra shall be fined not more than Two Fort Worth (817)385-7332 ranchenterprisesltd.com r- Thousand Dollars ($2,000.00) for Lake Worth (817)385.7251 600ACRES ON river, Hunt, rough, each offense. Each day that a Decatur (940)595.1642 home 50 ml W of Ft Worth an 120 , . violation is permitted to exist shall Farmersville (214)736.8383 &hwy 281,$2500/acre. Broker constitute a separate offense. Gainesville (940)202-7911 Joe Evans RE 817-999-9104 PASSED AND APPROVED ON THIS Granbury (817)330.8590 76028 - CR 1020- 41+/- Prime 20th DAY OF OCTOBER, 2015. Joshua (817)330-8585 Development Acres, Burleson/ GARY BRINKLEY,MAYOR Springtown (817)330.8552 Joshua approved final sub-division Fort Worth,TX 13BD/2BA I SFR Fort NEWMAN INTERNATIONAL Acade- peaster (B 117)330-8590 plat (no improvements). Huge my - Charter school will hold a Rhome (817)983-7199 timber forest like setting,or equine Estimated Opening Bid:$60,000 Estir public hearing on its Charter FIRST ranch,Via Chisholm Tr.Pkwy.less rating Tuesday, December 8,2015 www.LongTide.com than 14 miles to Ft Worth SW Property ID:2005200 Prof at 6:00 P.M. The hearing will be (817)595-2816 Harris Hospital,Hulen Mall and 120 held at the school campus at 2011 shopping. Most gorgeous land to S. Fielder Road, Arlington, TX Se Habla Espanol 817-330.4866 be found.More details contact: 76013. Eastland Construction USDA Communities $40,000 per acre/make offer MM= NOTICE IS hereby given that Available! 817-447-7364 weware @hotma!i.com Westlake Academy Board of Trustees will be conducting a public Lake Resort Sale.�n�hearing on December 7, 2015, at a= ._ _ _ 6:00 pm to discuss the FY 2013-2014 n .sae w/septic pool, pier, 0urde,the Fedeai Fair Housing Art itis Illegal todauiminateIn the ienuforss!eofhousn9ganh School FIRST Rating and the 2015 q ramp.$139/mo.Buys. DISCWU.ER:ihe sales for thaseproperrieshillnotIseconducted frytactionmm.He 'ddiq suJ Annual Financial Management Re- 817-279-7075. uksandter"azndtondtanssttfalhbytheCounryo ehera thoriry.Formuelno n wn°aasea port.The meeting will take place (o edosureFAOs)Autionromtsryparidngamak ngsereke forthrspaplatKorepesenucrnsu at Town Hall,3 Village Circle,2nd yam- x ppr molded.tJlPmperyin!ormationmustt4independentlyy4ri6edhyyou.!domu oama/natdsnt�. floor Council Chambers,Westlake, Fort Worth Real Estate Sertices Subjectto the County rules,terms and tonditionsiappiicab!eto the erenLTX05E0708.Audericom11,% TX 76262. - PUBLIC HEARING NOTICE RE- 76119 - 4458 Burke Rd. 3-2, ch/a, Real Estate Services Duplex Arlington Fc GARDING Irg yard,$50,000(817)536-8936 ISSUANCE OF BONDS - KAT IV A public hearing will be held at 1:00 "r EILEEN PETROSKI *** 76014-3-2 side yrd gar in b p.m. (or as soon thereafter as Southlake Sale +$850dp$45 app fee 817 ppracticable)on December 10,2015 ° 76015-3 27j:$980/ in the Community Meeting Room, 2800A S.Fielder Rd 817- of the Garden Gate Apartments located at 6901 North Beach Street, Fort Worth,Texas 76137,on behalf 0 1 -'> Crowley For Re of a project to be owned by AOF Garden Gate FW, LLC, a Texas �� limited liability company, (the Borrower"), whose sole member is AOFIHouston Affordable Housing � � Corp., a Texas nonprofit corpora- 7 6092 405 Shady Ln, 4 BR/4 BA f tion, to connection with the issu- ance 4,488 sf.1.9 acres, 879,900 Open Issuer")of its Molt family Housing 1:OOpm-3:00pmay N682 552-7482, Revenue Bonds (The Garden Gate dr @luxfortworth.com � Apartments Project) Series 2016 - s ri BEST CASH OFFER (the"Bonds")in one or more series 1 Dallas County For Sale FOR YOUR HOME and to be issued at one or more (the"Plan of Finance").The _ „y �._ MORE MONEY FOR YOU!!! pproceeds of the Bonds will be used 75060 - 3-2-2 Owner Finance No • No Repairs A New Home Just in to provide funds to fund the Banks Call/Text 682-554-3459 • No Commission Great Location! acgwsition, improvement and re Kathy • No Closing Cost Beautiful New Spacious habilitation of a multifamily .�- • Fast Closing with Large Back Yards,fat Hood CoUncy Sale •25 Years Buying Homes Incl.Coil Cindee 817-61. housing residential rental project q p} p BBB. commonly known as the Garden g1/■030!8995 CallToday 214-697-6292 sh)pmanco.com Gate Apartments located at 6901 76043-4-3 Owner Finance No Banks www.HouseHuntersofDallas.com North Beach Street, Fort Worth, Call 214-728.5544 KallhyBuyftuses•net Texas 76137 (the "Project"). The -- maximum aggregate principal Johnson County Sale i Buy Houses amount of the proposed Bonds to Fort Worth For f be issued to finance the Project CASH!! pursuant to the Plan of Finance Is Quick Sale-Fair Price NICE 2-1-1, $550mo, $50( anticipated not to exceed 25 Min. from FW 817-590.9767 $35,000,000.All interested persons SW of Crowley,3-2 Home on Req'd 817 292-2535,817 are invited to submit written ;/a ac.East Credit.$1010 mo pmt. comments to the Borrower prior to 817.457-2402 M-F JCASH� the time set for the ppublic hearing . - " or to attend the public hearing and W BUY H 17 ES express comments they may have 1 CALL:TAYLOR esdfw com regarding the proposed Bonds. Parker County For Sale wtvw.ibuyhomesdfw.com Capital Trust Agency r �° - 315 Fairpoint Drive ALEDO ISD-PHASE 2 vacant Lots Sale Gulf Breeze, Florida 32561 2+ACRES$100,000&up.Restricted, (850)934-4046 secluded,beautiful land.Only a few •+ 105+/-ACRES REDUCED! ROOM AVAIL $475. Bills SELL YOUR CAR lots left! Call Jeff 817-921-3083 �.g 4 small cabin.Owner Finance. cable,laundry,Sw 817-2, for$24.99 ( � N1 210-422-3013 76107 -Rivercrest nice bi 817.332-3333 Commercial Property BUY, LEASE,OR SELL over 2600sf of liv.area.; p full builtins,Available no under our real estate section. OFF MARKET _— a mo Bobby Dalton(817) . .,_...-._._ _ — -- .i nprriat Rptni(cpntpr