HomeMy WebLinkAboutResolution 4919-03-2018 A Resolution
NO. 4919-03-2018
APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL
REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS
FOR THE PRINCE HALL GARDENS APARTMENTS TO BE ISSUED BY TRINITY
RIVER PUBLIC FACILITY CORPORATION (COUNCIL DISTRICT 5)
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 Prince Hall, LLC (the "Borrower"), a 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 Prince Hall Gardens
Apartments, containing approximately 76 units and located at 4820 East Berry Street in the City of Fort
Worth, Texas (the "Project"), the approximate location of which is reflected in the attached exhibit; and
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
AJ-
ORTWO
Resolution No.4919-03-2018
$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 27"' day of March, 2018.
Betsy Price
APPROVED AS TO FORM AND LEGALITY:
<_C mut
By: �.
Sarah J. F lenwider, City Attorney
O�•FORT�'L
ATTEST:
By:
Mar J. a s r, it ecretary
lE�CAs
oRTWoFRTH
CERTIFICATE OF MAYOR OF CITY OF FORT WORTH,TEXAS
REGARDING ISSUANCE OF
TRINITY RIVER PUBLIC FACILITY CORPORATION
MULTIFAMILY HOUSING REVENUE BONDS
(PRINCE HALL GARDENS 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 4820 East Berry, Fort
Worth, Texas 76105, and no comments were made by the general public 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 March 27, 2018, 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(Prince Hall Gardens 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 March 27,2018.
C' ort o , exas
By.
s ice, Mayor
EXHIBIT-APPROXIMATE LOCATION
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EXHIBIT - INFORMATION REGARDING PUBLIC HEARING
MINUTES OF PUBLIC HEARING
Re: Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds
(Prince Hall Gardens Apartments)
The undersigned Hearing Officer of the Trinity River Public Facility Corporation (the
"Issuer") called the public hearing to order at 5:03 p.m. on November 9, 2017, at the offices of
the Issuer, 1201 E. 13'h 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 Revenue Code of 1986 was open for purposes of discussing the Bonds, the proceeds of
which will be loaned to FW Steele Prince Hall, LLC to acquire, rehabilitate and maintain a
multifamily residential rental facility to be known as the Prince Hall Gardens Apartments located
at 4820 E. Berry Street, Fort Worth,Texas(the"Project'), containing approximately 76 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.
1
Z;7
ryzyee Freema
H ng Office
4813-5206-1780.0
Exhibit A
Star-Tele
Arlington Cit!zen-Journal I The Keller Citizen I La Estrella
Mansfield No.ws-M!rtm I Star-Tetegreni Northeast I Weathtntord Star-Telegram
star-telegram.com 1808 Throckmorton 9t.i Ft Worth,Tx.78102-83151800.77&7827
AFFIDAVIT OF PUBLICATION
Accomt p Ad Number Identification PO Amount I Cols I Depth
600707 0003356594 NOTICE OF PUBLIC HEARING TRINITY RIVER $1,245.39 1 1 70.00 Li
Attention: THE STATE OF TEXAS
COATS ROSE County of Tarrant
14755 PRESTON ROAD
STE 600 Before me,a Notary Public in and for
DALLAS,TX 75254 said County and State,this day
ND.ICE OF PUBLIC HEARING Personally appeared CHRISTINE
TRIM RICVa l WLIC FACILITY LOPEZ.Bid and Legal Coordinator
MULTIFAMILY HOUSING for the Star-Telegram,published by
REVENUE BONDS
(PRINCE HALL
NTS ENS the Star-Telegram,Inc.at Fort
APARTMNotice is hereby given of a public Worth, in Tarrant County,Texas;and
hearing to be held on behalf of who,after being duly sworn,did
Trinit River Public Facility Cor-
poration (the "issuer") on depose and say that the attached
Thursday,November 9 2017 at
5:08 pm, at 1201 6'ast 13th clipping of an advertisement was
Street, fort Worth, Texas published in the above named paper
7b102,with respect to an issue P P P
of multifamily housing revenue on the listed dates:
bonds (the Bonds') to be Is-
sued by the Issuer in one or
more series of tax-exempt
bonds in an a gregato principal
mount note to exceed
8,000,000. The proceeds of the
Bonds will be loaned to .FW 1 Insertion(s)
Steele prince Hall LLC(or a re-
lated person or affiliate thereof) Published On:
(the "Borrower*), to finance a
9ortion of the costs of the reha- October 26,2017
liltation of a multifamily rest
dential rental development
known as Prince Hell Gardens
Appartments (the "Developmem
t") containing approximately 76
units and located at approxi-
mate sY 4820 E. Berry Street,
Fort Worth Texas, The Devel-
opment will be initially owned
by the Borrower.
All interested persons are Invited
to attend such public hearing to
express their views with to-
3
pect to the Development and
the issuance of the Bonds.
uestlons or requests for addl-
t onal Information may be di-
rected to Sydnee Freeman,Trin-
Ity River Public Facility Corpora. +�
tion P.0.Box 430 Fort Worth,
TX 16101(817)0.3400,www.
fwhs.or . lPrbrcrNaiCferk)
Persons who intend to appear at
the hearing and express their
views are invited to contact Ms. SUBSCRIBED AND SWORN TO
Freeman either In writing or by
telephone In advance of the BEFORE ME,THIS 26th day of
hearing. Any interested persons
unable to attend the hearing October in the year of 2017
may submit their views in writ-
Ing to Ms.Freeman prior to the
date scheduled for the hearing.
This notice is published and the
above-described hearing is to be
held in satisfaction of the re- n
tvirements of Section 147(f)of
he Internal Revenue Code of
1986,as amended,regarding the Nota Public
approval prerequisite to Notary the exclusion fromggross Income
for federal Income to pur ses
of the Interesk on t�ia Bonds,
other than any taxable bonds.
�attwi11ii, LESLIE BUCKLEY
a ;ztis Notary Public,State of Texas
;a -7= Comm.Expires 09-24-2021
'���°iut``` Notary ID 128058260
Star-Tele
g%DIA
Arlinoton Cilizen-Journal I The Keller Citizen I La Estrella
Monsfinid Nears-Mirror 12ttr-Telegram Northeast i Weatimrford Star-Tel,•grani
star-telegram.com 1808 Throckmorton 811.1 Ft Worth,Tx.76102-03151800.77&7827 j
AFFIDAVIT OF PUBLICATION
Ascot"/ M mmter ld ndre lion Po miount 1 Col.
600707 00033511594 NOTICE OF PUBLIC HEARING TRINITY RIVER $1,245.38 1 1 70.00 U
Attention: THE STATE OF TEXAS
COATS ROSE County of Tarrant
14755 PRESTON ROAD
STE 600 Before me,a Notary Public in and for
DALLAS,TX 75254 said County and State,this day
NOTICE OF PUBLIC HEARING personally appeared CHRISTINE
TRINITY RIVER PUBLIC FACILITY LOPEZ,Bid and Legal Coordinator
MULTIFAMILY HOUSING for the Star-Telegram,published by
REVENUE BONDS
(PRiNCEE HALL
GARSDENS the Star-Telegram,Inc.at Fort
APARTNotice Is hereby given of a public Worth,in Tarrant County,Texas;and
hearing to be held on behalf of who,after being duly sworn,did
Trinity River Public Facility Cor-
poratlon (the "Issuer")) on depose and say that the attached
Thursday,November 9 2017,at
5:00 pm. at 1201 East 13th clipping of an advertisement was
Street; Fort Worth, Texas published in the above named paper
76102,with respect to an Issue P P P
of multifamily housing revenue on the listed dates:
bonds (the Bonds) to be Is.
sued by the Issuer in one or
more series of tax-exempt
bonds In an aggregate principal
amount not to exceed
$8,000,000. Theproceeds of the
Bonds will be loaned to FW 1 Insertions)
Steele Prince Hall LLC(or a re-
late4erson or af{illate thereof)
(the "Borrower"), to finance Published On:
9ortion of the costs of the reha October 26,2017
llltatlon of a multifamily rest-
dentlal rental development
known as Prints Hall Gardens
Pylartments (the "Developmen-
),containing approximately 76
units and located at approxi-
mately 4820 E. Barry Street,
Fort Worth Texas. The Devel-
opment will be Initially owned
by 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.
puestions or requests for addl-
Nonal Information may be di-
rected to Sydnee Freeman,Trin-
ity River Public Facility Corpora- �w
tion P.0.Box 430 Fort Worth,
TX 36101(817)0-3400,www.
fwhs.org. (P awk)
Persons who intend to appear at
LOP
the hearing and express their
views are invited to contact Ms. SUBSCRIBED AND SWORN TO
Freeman either In writing or by
telephone In advance of the BEFORE ME,THIS 26th day of
hearing. Any interested persons
unable to attend the hearing October in the year of 2017
may submit their views In wrlt-
Ing to Ms.Freeman prior to the
date scheduled for the hearing.
This notice is published and 1t e
above-described hearing Is to bo
held In satisfaction of the re-
quirements of Section 147(f)of
the Internal Revenue Code of
1986,as amended,regarding the Note Public
public approval prerequisite to Notary
the exclusion from gross Income
for federal Income tax purposes
of the Interest on the Bonds,
other than any taxable bonds. �...w,..w.
,a0`4v119,�, LESLIE BUCKLEY
° ,1�y8<,�c Notary Public.State of Texas
=�'• 1444 Comm.Expires 09-24-2021
nr�reu�� Notary ID 128058260