HomeMy WebLinkAboutResolution 4869-12-2017 A Resolution
NO. 4869-12-2017
APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL
REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS
FOR THE PALM HOUSE APARTMENTS TO BE ISSUED BY CAPITAL TRUST
AGENCY (COUNCIL DISTRICT 3)
WHEREAS, Capital Trust Agency (the "Issuer") is a not-for-profit entity empowered to issue
bonds to finance the acquisition, improvement and rehabilitation of multifamily housing units inside and
outside the State of Florida; and
WHEREAS, AHF-Palm House, LLC (the "Borrower"), a Texas limited liability company,
whose sole member is Atlantic Housing Foundation, Inc., a South Carolina nonprofit corporation, is
seeking to borrow funds from the Issuer to refinance all or a portion of the cost of the acquisition,
improvement and rehabilitation of an existing multifamily housing residential rental project commonly
known as the Palm House Apartments, located at 3501 Renzel Boulevard, Fort Worth, Texas (the
"Project") and to finance all or a portion of the cost of the new rehabilitation of the Project; and
WHEREAS, the Borrower has requested that the Issuer issue multifamily housing revenue
Bonds (the "Bonds") a portion of which will be used to refinance and finance such acquisition,
improvement and rehabilitation, with the Bonds to have an aggregate principal amount not to exceed
$130,000,000, no more than $10,890,000 of which will be used for 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 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 3501
Renzel Boulevard, Fort Worth, Texas on November 2, 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
refinanced and financed with the proceeds of the Bonds are located, hereby approves the
proposed issuance of the Bonds in an amount not to exceed $130,000,000.00, of which not more
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Resolution No.4869-12-2017
than $10,890,000 will be used to refinance and finance development of the Project, and
authorizes the Mayor or the Mayor Pro Tempore 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 December 5, 2017.
Dennis Shing eto , Mayor Pro Tempore
APPROVED AS TO FORM AND LEGALITY:
By:
Sarah J ullenwider, City Attorney
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By: A�.c
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Ronald P. Gonzales, Assistant City Secretary --
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4828-8177-4422.v1
CERTIFICATE OF CITY OF FORT WORTH, TEXAS
REGARDING ISSUANCE OF
CAPITAL TRUST AGENCY
MULTIFAMILY HOUSING REVENUE BONDS
(PALM HOUSE APARTMENTS)
WHEREAS, a public hearing was held on November 2, 2017, in the City of Fort Worth, Texas by
Capital Trust Agency (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 $130,000,000 (the "Bonds") a maximum of $10,890,000 (the "Project Bond Proceeds") of the
proceeds of which will be loaned to AHF-Palm House, LLC (the "Borrower") to be used to refinance all
or a portion of the cost of the acquisition, development, construction and/or rehabilitation, financing and
ownership of an approximately 155 unit multifamily residential rental development known as the Palm
House Apartments (the "Project") and to finance all or a portion of the cost of the new rehabilitation and
financing of the Project, and no member of the public appeared at such public hearing; and
WHEREAS, it is necessary for an 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 December 5, 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 Mayor or Mayor Pro Tempore as the highest
elected official of the City of Fort Worth, Texas, to execute this Certificate evidencing such approval; and
NOW, THEREFORE, the undersigned hereby attests to the City Council's approval of the
issuance of the Bonds, 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 December_, 2017.
City of Fort Worth, Texas
Bai4 Je�k
May Pr Tempore
[Signature Page—Approval of Highest Elected Official]
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