HomeMy WebLinkAboutResolution 4737-01-2017 A Resolution
NO. 4737-01-2017
APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL
REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS
TO BE ISSUED BY TRINITY RIVER PUBLIC FACILITY CORPORATION FOR
THE COWEN COURT APARTMENTS AND WELLINGTON COURT
APARTMENTS
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 in an
aggregate principal amount not to exceed $28,000,000 ("Bonds") to finance the development of(i) an
affordable mixed income multifamily rental housing development to be named the Cowen Court
Apartments, which is to consist of approximately 107 new units to be located at or near 4908 East
Rosedale Street, Fort Worth, Texas 76105, with financing thereof supported by a portion of the Bonds in
a principal amount not to exceed $12,500,000; and (ii) a multifamily residential rental housing
development to be known as Wellington Court, which is to consist of approximately 132 units located at
or near 5400 East Rosedale Street, Fort Worth, Texas 76105, with financing thereof supported by a
portion of the Bonds in a principal amount not to exceed $15,500,000 (the Cowen and Wellington
developments are, collectively, 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 December 7, 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
ORT WO T
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 aggregate principal
amount not to exceed $28,000,000 to finance development of the Project and
authorizes Mayor Betsy Price to execute an Approval Certificate evidencing such
approval.
2. The foregoing approval is given in accordance with the provisions of Section
147(f) of the Internal Revenue 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 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 31St day of January, 2017.
Betsy ce, Mayo
APPROVED AS TO FORM AND LEGALITY:
By:
Sarah J. F lenwider, City Attorney
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Mary J. K e 1 y Se etary 0 0,00**0* a
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CERTIFICATE OF MAYOR OF CITY OF FORT WORTH, TEXAS
REGARDING ISSUANCE OF
TRINITY RIVER PUBLIC FACILITY CORPORATION
MULTIFAMILY HOUSING REVENUE BONDS
(COWEN COURT AND WELLINGTON COURT APARTMENTS)
SERIES 2016
WHEREAS, a public hearing was held on December 7, 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 $28,000,000 (the "Bonds"), with proceeds to be loaned to
FW Cavile Development, 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 approximately 4908
East Rosedale Street, Fort Worth, Texas 76105 and at approximately 5400 East Rosedale Street, Fort
Worth, Texas 76105 (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 January 31, 2017, 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").
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 (Cowen Court and Wellington Court Apartments) Series 2016 in one or more
series, at one or more times, in an aggregate principal amount not to exceed $28,000,000, 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 February 1, 2017.
City o h,Texas
y:
Mayor
[Signature Page—Mayor's Certificate]
MINUTES OF PUBLIC HEARING
Re Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds (Cavile
Development)Series 2016
The undersigned hearing officer for Trinity River Public Facility Corporation called the
public hearing to order at 5:05 p.m. on December 7, 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 Cavile Development, LP to acquire, develop, construct, equip, and
maintain a multifamily residential rental facility to be known as two multifamily residential
rental developments(collectively,the"Development")more particularly described as:
(i) a multifamily residential rental development, in an aggregate principal amount not to
exceed $12,500,000, containing approximately 107 units located at approximately
4908 East Rosedale Street, Fort Worth, Texas 76105 and to be known as Cowen
Court Apartments,and
(ii) a multifamily residential rental development, in an aggregate principal amount not to
exceed $15,500,000, containing approximately 132 units located at approximately
5400 East Rosedale Street, Fort Worth, Texas 76105 and to be known as Wellington
Court.
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: December 8,2016.
AHeVj O cer
4823-6310-3802.v l
INVOICE ar: S Fr rn-%c, e'�
Star-Telegram Customer ID: HOU70
808 TFw¢kmwon St. Invoice Number: 338941851
FORT WORTH,TX 76102
(817)390-7761 Invoice Date: 1112012016
Federal Tax ID 26-2674582 Terms: Net due in 21 days
Due Date: 11/30/2016
Bill To: PO Number: NO PO
HOUSING AUTHORITY OF FW
PO BOX 430 Order Number: 33894 185
FORT WORTH. TX 76101-0430 Sales Rep: 047
Description: NOTICE OF PUBLI
Attn: ACCOUNTS PAYABLE Publication Date: 11/20/2016
* Location, Col Depth Lipap MU hate Amoadt
NOTICE OF PUBLIC HEARING TRIM 13580 1 79 79 LINE $19.16 S11513.90
Misc Fee $10.00
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ACCOUNTS S PAYABLE Date: let - i;
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DEBORAH JEAN SAYLOR
Notoiy Pubft.Stotts of TexoS
My CommlSSkm EX0105
October 29,2019
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. 338941851
Invoice Amount: $1,523.90
PO Number: NO PO
Amount Enclosed: $ LC5;R 3 .qO
NOTICE OF PUSUC HEARING i
TRWM RIVER Pt►BLlC aww'y
CORPORATION
MULTIFAMILY HOUSING REVENUE
BONDS
Notice Is hereby given of a public I
hearing to be held by Trinity River
Public Facility Corporation (the
"Issuer, a non-profit public fa-
cility corporation created b the of
Fr
Housing Worth,doing business as Fort
Worth Housing Solutions (the
"Authority`rl on Wednesday, De-
cember 7, 2016, at SM p=, st
20
the Authortty'svfAces at 13 Ea
13th Street, Fort Worth, Texas
761OZ with respect to the issuance
of multifamily housing revenue
bonds(the'Bonds ) be Issued
the Issuer In one of more series
tax-exempt bonds in an aggre-
gate principal amount not to exceed
000,000, to finance a portion
of the costs of acquisition and
constnrctlon of (I) a multifamily
residentlal rental development, in
the errindpaI amount not to exceed
572 500 000, containh j approxi-
mately 107 units located at ap
prdxlmately 4908 East Rosedale
Street, Fort Worth, Texas 76105
and to be(mown as Cowen Court
Apartments;and(71)a multifamily
residential rental development'. in
> e Exindpal amount not to exceed
575.50x.000 containing approxi
mately 132 unfts located at ap
roxWmateiy 5400 East Rosedale
Street Fort Worth, Texas 26105
and to be known as Wellington
Court (collectively, the
"Develop t'7, the proceeds of
whk'h will be loaned to FW Cavile
Development, LP (or a related
person or affiliate thereof, the
partne 7, a Texas 11mited
All interest
eed persons are invited to
attend such public hearing to
express their views with respect
to the Development and the tssu- `
ante of the Bonds. Questions or
requests for additional Information
may be directed to 5ydnee Freeman,
Trinity River Public Facility Cor- (((�
ppoorations,P.0.Box 430,Fort Worth, 1
Tx 76101 (817) 333-3400, I+
www.fw
Persons who Intend to appear at the 11
hearing and axpress their views are
Invited to contact Ms.Freeman In
writing or by telephone in advance
of the hearing. Any Interested
persons unable to attend the
hearing may submit their views in
writing to Ms.Freeman prior to the
r date Scheduled for the hearing.
This notice is published and the
held IIn�satis�facti of the ree--
quirements of Section 147(f)of the
internal Revenue Code of 1986,as
amended, regarding the public ap-
prmal prerequisite to the exclusion
from gross kw me for federal
Income tax purposes ofthe Interest
on taxable bonds. other than any