HomeMy WebLinkAboutResolution 3214-06-2005A Resolution
NO I~_ !~(c-~~ ~
GIVING PERMISSION TO SPLENDORA CULTURAL EDUCATION FACILITIES
FINANCE CORPORATION FOR THE FINANCING OF CULTURAL FACILITIES
WITHIN THE CITY OF FORT WORTH, TEXAS FOR THE YMCA OF
METROPOLITAN FORT WORTH, TEXAS
WHEREAS, the City of Splendors, Texas (the 'Sponsor"), has previously approved and
authorized the creation of the Splendors Cultural Education Facilities Finance Corporation (the
'Corporation'}, as a Texas nonprofit corporation, pursuant to the Cultural Education Facilities Finance
Corporation Act (Article 1528m, Vernon's Texas Civil Statutes, as amended, the Act")• and
WHEREAS, the Corporation is authorized by the Act to enter into contractual obligations in
order to finance and/or refinance the acquisition of land or aright-of--way option to pwchase land,
easement, leasehold estate in land, or other interest in land, and the cost of acquisition, construction,
repau• renovation, remodeling, or other improvement of cultural facilities regardless of whether such
facilities are located within the city limits of the Sponsor and
WHEREAS, the Sponsor and the Crty of Fort Worth (the 'City") have been informed by the
Corporation that the Corporation intends to make atax-exempt loan to the YMCA of Metropolitan Fort
Worth, Texas (the 'YMCA') in the maximum principal amount of $6,100,000, and that JPMorgan
Chase Bank, National Association intends to make a simultaneous loan to the Corporation (collectively
the "Loan") for the purpose of (i) financing and/or refinancing all or a portion of the costs of acqui•ing,
purchasing, leasing, constructing, equipping, repairing, renovating, remodeling, or otherwise improving
cultural facilities, and facilities incidental, subordinate, or related thereto or appropriate in connection
.therewith, for one or more of the following projects: (x) .the Ryan Family YMCA, located generally at
8250 McCart Avenue, Fort Worth, Texas 76123 including (a) an approximately 15,500 square foot
expansion of the indoor fitness facilities, (b) an approximately 18,000 square foot water park with
cabana and dressing rooms, and (c) renovating and equipping the current facilities to include a youth and
teen fitness area with computer lab and child-watch play area, (y) the Clark Nowlin YMCA, located
generally at 5350 Basswood Blvd., Fort Worth, TX 76137 ucluding (a) an approximately 14 700
square foot expansion of the indoor fitness facilities and (b) renovating and equipping the current
facilities to include a youth and teen fitness area, full size locker rooms and staff offices, and (z) a new
35 000 square foot facility with outdoor pool to be located generally at 9000 North Beach Street, Fort
Worth, Texas 76248, including (a) an approximately 5 000 square foot fitness area, (b) an approximately
6,000 square foot gymnasium and (c) a childwatch area, locker rooms, offices and meeting rooms, and
(ii) for paying certain expenses in connection with the issuance of the Loan (collectively the "Project");
and
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WHEREAS, the Corporation has assured the City that the Project will be cultural
facilities as defined in the Act, and that the Loan will be payable solely from revenues of
the YMCA pursuant to the provisions of the loan documents evidencing the Loan, and that
the City will have no liability whatsoever for the payment of the Loan and
WHEREAS, the loan documents evidencing the Loan shall contain wording
expressly stating that the City and its officials officers and employees will have no
liability whatsoever in connection with the Loan and
WHEREAS, it is hereby deemed necessary and advisable that this resolution be
adopted
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS
1 In order to satisfy the requirements of the Act, consent ~ given to the Corporation to lend
the proceeds of the Loan to the YMCA to finance and/or refinance the Project. Proceeds of the Loan
may also be used to pay certain costs of issuance of the Loan, alI pursuant to the requirements of the Act
and other applicable laws.
2. This City Council finds, determines and declares that the use ofthe proceeds'ofthe Loan
as described herein is in the public interest and to the benefit of the citizens of Fort Worth, Texas and the
citizens of the State of Texas, and is essential to the continuing education, health, general welfare and
comfort of the citizens of the State of Texas.
3 This resolution shall become effective immediately upon its adoption.
4 This Resolution is given solely for the purpose of complying with the provisions of the
Act, and for no other purpose, and the Loan shall m no way be an obligation or liability of the City of
Fort Worth, Texas, or any other political subdivision.
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CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS §
CITY OF FORT WORTH §
We, the undersigned officers of the City Council of the City of Fort Worth, Texas (the "City"),
hereby certify as follows:
The City Council of Fort Worth, Texas convened in regular meeting on the 7th day of
June, 2005 at the regulaz meeting place, and the roll was called of the duly constituted
officers and members of said City Council, to-wit.
Mike Moncrief
Salvador Espino
Chuck Silcox
Becky Haskin
Donavan Wheatfall
Clyde Picht
Carter Burdette
Kathleen Hicks
Wendy Davis
Mayor
City Councilmember
City Councilmember
City Councilmember
City Councilmember
City Councilmember
City Councilmember
City Councilmember
City Councilmember
and ~t was found and determined that a quorum was present. Whereupon, among other business, the
following was transacted at said Meeting: A wntten
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS,
GIVING PERMISSION TO SPLENDORA CULTURAL EDUCATION FACILITIES
FINANCE CORPORATION FOR THE FINANCING OF CULTURAL FACILITIES
WITHIN THE CITY OF FORT WORTH, TEXAS FOR THE YMCA OF
METROPOLITAN FORT WORTH, TEXAS
was introduced for the consideration of said City Council and read in full. It was then duly moved and
seconded that said Resolution be passed, and, after due discussion, said motion, carrying with rt the
passage of said Resolution, prevailed and carned by the following vote:
AYES
NOES
ABSTENTIONS _
2. That a true, full and correct copy of the aforesaid Resolution passed at the meeting
described in the above and foregoing paragraph is attached to and follows this Certificate;
that said Resolution has been duly recorded in the minutes of said Meeting; that the
above and foregoing paragraph is a true, full and correct excerpt from the minutes of said
Meeting pertaining to and passage of said Resolution; that the persons named in the
above and foregoing pazagraph aze the duly chosen, qualified and acting members of said
City~l as indicated the,,~in, that each of t~~~o,-~ of said City Council was duly
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and sufficiently notified officially and personally in advance, of the tune, place and
purpose of the aforesaid Meeting, and that said Resolution would be introduced and
considered for passage at said Meeting, and each of said members consented, m advance,
to the holding of said Meeting for such purpose; and that said Meeting was open to the
public, and public notice of the tune, place and purpose of said Meeting was given all as
requu-ed by the provisions of Chapter 551 Texas Government Code.
SIGNED AND~SEALED THIS
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1VIa~yYHendrix, City Se~rE
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(SEAL) ..,, ~,,.~. ~.~~ ,
day of , 2005
AS TO FORM AND LEGALITY
David Yett, City