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HomeMy WebLinkAboutResolution 4697-10-2016 A Resolution NO. 4697-10-2016 APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS FOR THE ALTON PARK APARTMENTS TO BE ISSUED BY TRINITY RIVER PUBLIC FACILITY CORPORATION WHEREAS, Trinity River Public Facility Corporation ("TRPFC") is a Texas non-profit corporation created in accordance with the Public Facility Corporation Act, Chapter 303 of the Texas Local Government Code, exclusively for the purpose of assisting the Fort Worth Housing Authority in financing or providing public facilities and in particular affordable mixed income multifamily housing units in the State of Texas; and WHEREAS, TRPFC wishes to issue tax exempt multifamily housing revenue bonds ("Bonds") to finance the development of an affordable mixed income multifamily rental housing complex to be named the Alton Park Apartments, which is to consist of approximately 195 new units and to be located at the northeast corner of Azle Avenue and Broadview Drive in the City of Fort Worth, Texas (the "Project"); and WHEREAS, pursuant to the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended, 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 in order for the bonds to qualify as tax-exempt obligations under the Code; and WHEREAS, the TEFRA Hearing regarding the issuance of the Bonds and development of the Project was conducted at 1201 East 13th Street, Fort Worth, Texas, 76102 on October 4, 2016 by a designated hearing officer of the Issuer, evidence of which is attached hereto as an exhibit. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS THAT: 1. The City Council, solely for the purposes of Section 147(f) of the Internal Revenue Code, as the elected legislative body having jurisdiction over an area in which the facilities to be financed with the proceeds of the Bonds are to be located. hereby approves the proposed issuance of the Bonds in an amount not to exceed $30,000,000 to finance development of the Project and authorizes Mayor Betsy Price to execute an Approval Certificate evidencing such approval. [r,—r ORT WORT 2. The foregoing approval is given in accordance with the provisions of Section 147(f) of the Internal Revenue Codc 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 obligation of the City of Fort Worth, nor shall any of the assets of the City of Fort Worth be pledged to the repayment of the Bonds. 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 October 25, 2016 etsy Pric or APPROVED AS TO FORM AND LEGALITY: B y: u'L.�� Sarah J. Fu enwider, City Attorney X.v �a ATTEST: Boa oQ%0 9 0 N Q O YJY q O O `J �PB y. a oti J. Kayse r,r, City §4ketary �V o 00 0000 0,19 0iC�� �aa��UAx a~r oxrwoxT Exhibit MINUTES OF PUBLIC HEARING Re Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds (Alton Park Apartments) Series 2016 The undersigned hearing officer for Trinity River Public Facility Corporation called the public hearing to order at 5:00 p.m. on October 4, 2016, with respect to the above-referenced bonds (the 'Bonds"). The hearing officer declared that the public hearing, required under Section 147(f) of the Internal Revenue Code of 1986, was open for purposes of discussing the Bonds, the proceeds of which will be loaned to FW Alton Park, LP to acquire, develop, construct, equip, and maintain a multifamily residential rental facility to be known as Alton Park Apartments (the"Project"). The required notice of the public hearing for the Project was published in the Fort Worth Star-Telegram, being a newspaper of general circulation in the specific location of the Project and in the jurisdiction in which the public hearing was held, as set forth in the affidavit of publication attached hereto as Exhibit A. No comments were made by the general public at the public hearing with respect to this Project. After sufficient time was given for all present to make their comments with respect to the Bonds and the Project, the hearing officer declared the public hearing closed. Dated: October , 2016. He ng Offi er 4823-6310-3802.vl INVOICE Star-Telegram Customer ID: HOU70 808 Tnrockmorton St. Invoice Number: 338583461 FORT WORTH,TX 76102 (817)390-7761 Invoice Date: 9/18/2016 Federal Tax ID 26-2674582 Terms: Net due in 21 days Due Date: 9/30/2016 Bill To: PO Number: NO PO HOUSING AUTHORITY OF FW PO BOX 430 Order Number: 33858346 FORT WORTH, TX 76101-0430 Sales Rep: 073 Description: NOTICE OF PUBLI Attn: ACCOUNTS PAYABLE Publication Date: 9/18/2016 Description Location Cot Depth Linage MU Rate Amount NOTICE OF PUBLIC HEARING TRINI I3570 1 51 51 LINE $19.20 $979.10 Misc Fee $10.00 RECE IED Net Amount: $989.10 cep 2 7 2016 DEBORAH JEAN JAILOR Notary Pubtic,State of Texas , "�, My Commission Expkes "'•Z;;,��;,••' October 29,2019 County of?avant Before me,a*my m y Publu in and for said County andState,bus day personally appeared of isty Nfo&nd,Bids&Legal Coordinator for the Star-Telegram,pubfished by the Star-?elegrans Inc.at Fort'Word4 in?arrant County,Texas:and u#iio after being duly swam did depasc andsay that the attached dpping of advertisement was published in the above named paper on the listed dates: BIDS cyLP I.W DT''PT.Star- ek"m.(t SUBSCUBBD ANP.S KbRN7V BED M� TIIS DAYOfSDP'r j5j�)2016 Signed 12,44,J jg4 `(wO N07WPTWIC Thank You For Your Payment --------------------------- Remit To: Star-Telegram Customer ID: HOU70 P.O. BOX 901051 Customer Name: HOUSING AUTHORITY OF FORT WORTH,TX 76101-2051 Invoice Number: 338583461 APPROVED FOR PAYMENT Invoice Amount: $989.10 Name: PO Number: NO PO Date: Amount Enclosed: Is Soudree NOTICE OF PUBLIC HEARING TRINITY RIVER PUBLIC FACILITY CORPORATION MULTIFAMILY HOUSING REVENUE BONDS A public hearing will be held on behalf of Trinity River Public Facility Corporation (the "Issuer"), on Tuesday, October 4 2016, at 5,00 p m at 1201East Jth Street,Fort Wort Texas 76102 with respect to an issue of multRamily housing revenue bonds(the"Bonds")to be issued by the Issuer in one or mare series of tax-exempt bonds In an aggregate principal amount not to exceed $30 000 000. The proceeds of the Bonds will be loaned to FW Alton Park, LP(or a related person or affiliate ate thereof) (the "Borrower"), to finance a portion of the costs of the development of a multifamily residential rental development known as Alton Park Apartments (the "Development"), containing approximately 195 units and located within the City of Fort Worth at approximately 5650 Azle Avenue, Fort Worth,Texas 76106. The Development will be Initially owned by the Borrower. Please direct comments questions or requests for more information to Ms. 5ydnee Freeman, Trinity River Public Facility Corporation,P. O.Box 430, Fort Worth,TX 7610L Any Interested persons unable to attend the hearing may submit their views In writing to Ms. Freeman prior to the date scheduled for the hearing. This notice is published and the above-described hearing Is to be held In satisfaction of the re- quirements of Section 147(f)of the Internal Revenue Code of 1986,as amended, regarding the public ap- proval prerequisite to the exclusion from gross income for federal Income tax purposes of the Interest on the Bonds, other than any taxable bonds. INVOICE Star-Telegram Customer ID: HOU70 808 Throckmorton St. Invoice Number: 338583471 FORT WORTH,TX 76102 (817)390-7761 Invoice Date: 9/18/2016 Federal Tax ID 26-2674582 Terms: Net due in 21 days Due Date: 9/30/2016 Bill To: PO Number: NO PO HOUSING AUTHORITY OF FW PO BOX 430 Order Number: 33858347 FORT WORTH, TX 76101-0430 Sales Rep: 073 Description: NOTICE OF PUBLI Attn: ACCOUNTS PAYABLE Publication Date: 9/18/2016 Description Location Col Depth Linage MU Rate Amount NOTICE OF PUBLIC HEARING NOTICE OF PUBLIC HEARING FORT HOUSING FORT WOuTIONS 26 26 LINE $19.29 $501.60 A public hearing will be held by Fort Worth Housing Solutions(FHWS) $1().()0 Mise Fee on Thursday, October 20, 2016 at 5:00 p.m.at Fair Oaks Apartments Community Room,4401 quail Trail, Fort Worth TX 76114 regarding the construction of Alton Park Apart- njents, a proposed affordable housing project located at 5650/�z1: Net Amount: $511.60 Ave, Fort Worth TX 76106. The Hearing will be conducted in the br the FWHS Board of Commis- s oners. Please direct comments, questions or requests for more Information to Ms. 5ydnee Freeman, Trinity "" DEBORAH JEAN SAYLOR River Public Facility Corporation,P ;'ri;"=`•`. 0.Box 430,Fort Worth,TX 76101. er; r c Not ly PUNIC,State of Texas Any interested persons unable to =N; my Commission Explfes attend the hearing may submit their October 29,2019 views in writing to Ms. Freeman County of Tanunt rior to the date scheduled for the hearing. Before me,a Notary Pub&in and forsaidCounty andstate, this day pemona!y appeamlClrri Nod4nd,Bids&LegalCoor&=tor for the Star Telegrany published by the Star-Tekgr=4 Inc.at Fort Wortk in Tarrant County,Texas:and who after being duly suvrn, del depose andsay that the attached chppurg of advertisement waspubkshedin the above namedpaper on the Gsteddates: BIDS&LPGA45 DTTT Star-Te*ram.(t SUBSCRIBED ANP S KDRN90 BEFORE ME; Wis DAyoF,sE-Pz LAC%zois signediC.,� T(QOWPUBLIC Thank You For Your Payment Remit TO: Star-Telegram Customer ID: HOU70 P.O. BOX 901051 Customer Name: HOUSING AUTHORITY OF FORT WORTH,TX 76101-2051 Invoice Number: 338583471 APPROVED FOR PAYMENT Invoice Amount: $511.60 Name: PO Number: NO PO Date: Amount Enclosed: �$ Funding Scums CERTIFICATE OF MAYOR OF CITY OF FORT WORTH, TEXAS REGARDING ISSUANCE OF TRINITY RIVER PUBLIC FACILITY CORPORATION MULTIFAMILY HOUSING REVENUE BONDS (ALTON PARK APARTMENTS) SERIES 2016 WHEREAS, a public hearing was held on October 4, 2016 in the City of Fort Worth, Texas on behalf of the Trinity River Public Facility Corporation (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 $30,000,000 (the "Bonds"), with proceeds to be loaned to FW Alton Park, LP or an affiliate thereof (the "Borrower") to finance a portion of the costs of construction of a multifamily housing residential rental development to be located at the northeast corner of Azle Avenue and Broadview Drive, Fort Worth, Texas (the "Project"), and no comments regarding the Project were made by the general public at such public hearing; and WHEREAS, it is necessary for the applicable elected representative 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 October 25, 2016, 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 Code and authorizing the highest elected official of the City of Fort Worth, Texas to execute this certificate evidencing such approval. 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 Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds (Alton Park Apartment) Series 2016 in one or more series, at one or more times, in an aggregate principal amount not to exceed $30,000,000, 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 October 25, 2016. Ci r h, Texas y: ayor [Signature Page—Mayor's Certificate]