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Home My WebLink AboutResolution 4864-11-2017 A Resolution NO. 4864-11-2017 APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS FOR THE SABINE PLACE APARTMENTS TO BE ISSUED BY TRINITY RIVER PUBLIC FACILITY CORPORATION (COUNCIL DISTRICT 2) WHEREAS, Trinity River Public Facility Corporation (the "Issuer") 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, FW Steele Sabine Place, LLC (the "Borrower"), a to-be-formed Texas limited liability company, is seeking to borrow funds from the Issuer to finance a portion of the cost of the acquisition and rehabilitation of an existing multifamily housing residential rental project commonly known as Sabine Place Apartments, containing approximately 72 units and located at 1215 Terminal Road in the City of Fort Worth, Texas (the "Project") WHEREAS, Issuer has expressed its official intent to issue tax exempt multifamily housing revenue bonds or other obligations in an aggregate principal amount not to exceed $8,000,000 (the "Bonds") to finance a portion of the costs of acquisition and rehabilitation; 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 obligations by the Issuer in order for the obligations to qualify as tax-exempt obligations under the Code; and WHEREAS, the TEFRA Hearing regarding the Bonds and the Project was conducted at 1201 East 13th Street, Fort Worth, Texas, 76102 on November 9, 2017 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 �'k O wo Resolution No. 4864-11-2017 $8,000,000 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 November 14 20 Betsy Price, yor APPROVED AS TO FORM AND LEGALITY: By: G/�� w111 Sarah J. F lenwider, City Attorney ATTEST: O��ORr' p', Mary Kayser, Cit ecr to �.lE)CP►S FoRTWORTH MINUTES OF PUBLIC HEARING Re: Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds (Sabine Place Apartments) The undersigned Hearing Officer of the Trinity River Public Facility Corporation (the "Issuer") called the public hearing to order at 5:01 p.m. on November 9, 2017, at the offices of the Issuer, 1201 E. 13th Street,Fort Worth,Texas 76102,regarding the issuance of the above-described Bonds. The Hearing Officer declared that the public hearing, required under Section 147(f) of the Internal Re`(enue Code of 1986, was open for purposes of discussi g the Bonds, the proceeds of which will be loaned to FW Steele Sabine Place, LLC to acquir�, rehabilitate and maintain a multifamily residential rental facility to be known as the Sabine Place Apartments located at 1215 Terminal Road, Fort Worth, Texas (the"Project"), containing approximately 72 units. 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 the 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 as of November 9, 2017. e Free an H ng O er 4813-8912-8268.v2 NOTICE OF PUBLIC HEARING TRINITY RIVER PUBLIC FACILITY e CORPORATION g MULTIFAMILY HOUSING doREVENUE BONDS (SABINE PLACE`APARTMENTS) s Notica,is,heroby:g(vorlw �pub�IC Hearing to be held on behalf of 1e Trinity River Public Facility Cor- t poration (the "Issuer") on Thursday,November 9 207,at •i 5:00 R m. at 1201 East 13th', )r Street, ttort Worth, Texas t. 76102,with respect to an issue of multifamily housing revenue bands (the "Bonds") to be Is e sued by the issuer in one or 1- more series of tax-exempt e bonds in an aggregate principal e amount not to exceed i 000,000. The proceeds of the onds will be loaned to FW I Steel& Sabine Place LLC (or a t related person or RIlate there- of)(the"Borrower"),to finance a portion of the costs of the re- t habilitation of a multifamily residential rental development known as Sabine Place Apart- ments (the "Development`) ' containin approximately fi units and located at approxi- mately 1215 Terminal Road, Fort Worth,Texas. The Devel- opment will be initially owned the Borrower, All Interested persons are invited to attend such public hearing to express their views with re- spect to the Development and the issuance of the Bonds. Questions or requests for addl-. tlonal information may be dl% rested to Sydnee Freeman,Trin- Ity River Public Facility Corpora-`s tion,P.0.Box 430 Fort Worth,; TX7610y1(817)33 3400,www• Persons who Intend to appear at° the hearing and express their; views are invited to centact S. Freeman either dvanceinOfthe: ' hearing, Any Interested per sons unable to attend the hearing' natousitheir views oiyMFreeman Dfor to 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(0 of } the internal Revenue Catlde of I 1986,as amended,regarding the ` public approval prerequisite to the exclusion from gross Income for federal Income tax purpose9J of the Interest on the Bonds, other than any taxable bonds. CERTIFICATE OF MAYOR OF CITY OF FORT WORTH,TEXAS REGARDING ISSUANCE OF TRINITY RIVER PUBLIC FACILITY CORPORATION MULTIFAMILY HOUSING REVENUE BONDS (SABINE PLACE APARTMENTS) WHEREAS, a public hearing was held on November 9, 2017, in the City of Fort Worth,Texas by 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 $8,000,000 (the "Bonds"), to finance a portion of the costs of acquiring and rehabilitating a multifamily housing residential rental development located at 1215 Terminal Road, Fort Worth, Texas 76106, 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 November 14, 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") 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 Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds (Sabine Place Apartments) in one or more series, at one or more times, in an aggregate principal amount not to exceed $8,000,000, 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 November, ', 2017. Ci orth,Texas B : Ma [Signature Page—Approval of Highest Elected Official]