HomeMy WebLinkAboutResolution 2830
A Resolution
No v
OPPOSING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS
BY THE STATE FOR THE MAIN STREET APARTMENTS PROJECT
AS CURRENTLY PROPOSED
WHEREAS, a public hearing is being held by the Texas State Affordable Housing
Corporation on Thursday May 2 2002 at 12 00 Noon at the Fort Worth Central Public Library
500 West 3~d Street, Fort Worth with respect to an issue of multifamily housing revenue bonds
in a principal amount not to exceed $17 000 000 the proceeds of which are to be loaned to
Main Street Affordable Housing of Fort Worth L.L.C and
WHEREAS, Main Street Affordable Housing of Fort Worth is a Texas limited liability
company whose sole member Commonwealth Multifamily Housing Corporation is a
Pennsylvania nonprofit corporation and which is seeking funding to finance the acquisition
rehabilitation and conversion of a downtown office tower the former Transport Life Building
located at 714 Main Street, into a multifamily housing property containing 176 apartment units
and
WHEREAS, this same project was presented to the City of Fort Worth for financing by
the Trinity Housing Finance Corporation and the proposal was considered by the Fort Worth
City Council Economic Development Committee at its meeting on November 27 2001 and
WHEREAS, the members of the Council Committee expressed serious reservations
about the proposed financing structure of the project using city funds as well as the property
tax implications of the project; and
WHEREAS, if the ownership entity has attained Community Housing Development
Organization status under federal law as proposed and owns the building through the life of the
project, the building value will be exempt from all ad valorem real estate taxes under Texas
Law including all city county special district and school district property taxes, and
WHEREAS, the Fort Worth Economic Development Committee expressed strong
opposition to a proposal that could exempt property in the central business district from all
property taxation in perpetuity and questioned whether this was the highest and best use of
this downtown property and
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WHEREAS, since the Texas State Affordable Housing Corporation is seeking
comments on the proposal it is in the best interest of the City that the City Council expresses
its position on the project;
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH
That the City Council of the City of Fort Worth hereby opposes the issuance of bonds by the
Texas State Affordable Housing Corporation to Main Street Affordable Housing of Fort Worth if
the project includes provisions for permanent and or long term (i a longer than 10 years)
property tax exemption from city county special district and school district property taxes and
That the City Council will reconsider its opposition to this project if the project does
not include any permanent and or long term tax exemption status
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Adopted this~Q _ day of __~~v_f ~ ___ 2002
APPROVED
c1T~~ couNC~L
APR 34 2~2
City Secretery~ot rtes
Citp of Fort Worth, Texas
RESCINDED DECEMBER 17 2002
BY RESOLUTION NO 2901
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STATE OF TEXAS §
COUNT{ES OF TARRANT AND DENTON §
I GLORIA PEARSON City Secretary of the City of Fort Worth Texas do
hereby certify that the above and foregoing is a true and correct copy of
Resolution No 2830 duly presented and adopted by the City Council of the City
of Fort Worth Texas at a regular session held on the 30th day of April A. D
2002 as same appears of record in the Office of the City Secretary
WITNESS MY HAND and the Official Seal of the City of Fort Worth
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Texas this the 2nd day of May A. D 2002
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Gloria Pea _ on City Secretary
City of Fort Worth Texas
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