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Home My WebLink AboutResolution 4920-03-2018 A Resolution NO. 4920-03-2018 APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS FOR THE STALLION RIDGE APARTMENTS TO BE ISSUED BY TRINITY RIVER PUBLIC FACILITY CORPORATION (COUNCIL DISTRICT 8) 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 Stallion Ridge, LP (the `Borrower"), a Texas limited partnership, is seeking to borrow funds from the Issuer to finance a portion of the cost of the acquisition and construction of a multifamily housing residential rental project to be known as Stallion Ridge Apartments, to contain approximately 203 units and to be located at approximately 9128 Crimson Lane and approximately 9105 Azure Lane 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 $25,000,000 (the "Bonds") to finance a portion of the costs of acquisition and construction; 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 February 21,2018,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, EbORTWORTH Resolution No.4920-03-2018 hereby approves the proposed issuance of the Bonds in an amount not to exceed $25,000,000 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 27th day of Marc Bets ric a APPROVED AS TO FORM AND LEGALITY: By; �� Sarah J. Full nwider, City Attorney ATTEST: ? OF FOIZT� By: Ma y J. K se , C'ty S� retary �AS ORTwom CERTIFICATE OF MAYOR OF CITY OF FORT WORTH,TEXAS REGARDING ISSUANCE OF TRINITY RIVER PUBLIC FACILITY CORPORATION MULTIFAMILY HOUSING REVENUE BONDS (STALLION RIDGE APARTMENTS) WHEREAS, a public hearing was held on February 21, 2018, 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 $25,000,000 (the "Bonds"), to finance a portion of the costs of acquiring and constructing a multifamily housing residential rental development to be located at approximately 9128 Crimson Lane and approximately 9105 Azure Lane in the City of Fort Worth, Texas, 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 (Stallion Ridge Apartments) in one or more series, at one or more times, in an aggregate principal amount not to exceed $25,000,000, 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. Ci orth,T By: Bets rice,Mayor EXHIBIT-APPROXIMATE LOCATION 6 &Wn Ave Ey,e gn F.Enos Aw EV WMM pkwy on"Rd 40 Johnson Park Q9128 Crlmson Lane HAMLET $ I Q910$Azure Lana p EXHIBIT - INFORMATION REGARDING PUBLIC HEARING MINUTES OF PUBLIC HEARING Re: Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds (Stallion Ridge Apartments) The undersigned Hearing Officer of the Trinity River Public Facility Corporation (the "Issuer") called the public hearing to order at 4:34 p.m. on February 21, 2018, 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 Revenue Code of 1986, was open for purposes of discussing the Bonds, the proceeds of which will be loaned to FW Stallion Ridge, LP for the acquisition, constructing and equipping of a multifamily residential rental facility to be known as the Stallion Ridge Apartments I located at approximately 9128 Crimson Lane and approximately 9105 Azure Lane,Fort Worth,Texas 76140 (the "Project"), containing approximately 203 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 February 21, 2018. 4r7r Sydnee Freeman Hearing Officer 4813-5206-1780.v1 Exhibit A It 'MMA' Arlington Citizen-Journal I The Keller Citizen I La Estrella Mansfield News-Mirror Star-Telegram Northeast I Weatherford Star-Telegram elar4slepun.com(808 Thmdmwrton St.I Ft Worth,Tx.7610241316 *** MEMO INVOICE*** Fed IDII 28.29745= a $1,260.39 "man 1241 AWAUnIral�IrafWRTw„ ' '02M212018 800707 800707 COATS ROSE MAKE CHECKS PAYABLE TO Star-Tebpram COATS ROSE Stu-Tekgmn- 14755 PRESTON ROAD PO iiL 6,8 47 hand,M 1811 81 SM 600 DALLAS,TX 75254 M8:CmtM Seim Rep.Crack Emd secaedi>artdooMectl-11mQ odmpjccm Payment b due upon recNpt. Eumar STA87DESCAIPTICIN PRODUCT SAU UNITS RUN RATE RT DP tam AMt1U1fT MM)7 42107 0000515142 NOTICE OF PUBLIC N MNQ TRWrY R Typrnn 1 x 70 L 70 1 $17.22 81,208.10 FTY"Wded ChOW t.'98.ee 02/07 02107 0003515142 NOTICE OF PUBLIC NEARING TRBNrTY R Upwe ST.00M 1 x 70 L 70 1 f0 21 815,00 Irwin Tall 81.9 mm THIS IS A MEMO INVOICE AND MAY OR MAY NOT REFLECT ALL CHARGES OR CHANGES THAT OCCUR ON THE FINAL INVOICE. tarPLEASE DETACH AND RETURN LOWER PORTION WITH YOUR REWITANCE .!][WegW I I eumpaas a I Wm 02/122018 COATS ROSE Sbr-Tdpam-Advsrg tQ a 70TALANOUNrOUa • lwoorrx+ra,r PO BOX 81517 $1,280.39 Upon RecW LWar1d.G8 48161 x ,max r Morax "** MEMO INVOICE•** , oti,2Q01a Msowusaremea 0000515142 Star-Telegram • NUWAWa•.n1o.a, SWr-Telegram-Advertising 800707 PO BOX 51847 , ,,,a.e, Livonia,MI 48151 1100707 relegM Arlington CiUten,Joumal I The Keller Citizen I La Estrella Mansfield News-Mirror I afar-Talegram Northeast I Weatherford Star-Telegram s0w4elegtem.Com i AN Mwockmorfon 8L I Ft WQ%TiL 70102.03151800.770.7827 AFFIDAVIT OF PUBLICATION ACO M8/ 1 MNX*w I m000Woo I Po I AM-M JL car. W0707 0003816142 NOTICE OF PUBLIC HEARING TRINITY RIVER e1,24&! 1 70.0D Lf Attention: THE STATE OF TEXAS COATS ROSE County of Tarrant 14755 PRESTON ROAD STE 800 Before me,a Notary Public In and for DALLAS,TX 75254said County and State,this day ...... . . . personally appeared CHRISTINE NOTICE OF PUBLIC HEARING LOPEZ,Bid and Legal Coordinator TRINITY RIVER PUBLIC FFIACILITY for the Star-Telegwe,published by CORPORAT MULTIFAMILY HOUSING the Star Telegram,Inc.at Fort REVENUE BONDS (STALLION RiDGEAPARTMENTS? Worth,in Tarrant County,Texas:and Notice is hereby given of a publ c hearing to be held on behalf of who,after being duly sworn,did Trinittr River Public Facility Car- par (the"Issuer'),on Wed- depose and 88y that the ettadlled nesdey,.February 21, tole at dipping of an advertisernent was 430 pp m. at 1201 East KStreet, fort Worth, Texas published in the above named paper 76102,with.rt to an issue of multifamt(y housktg revenue on the listed dates: bonds (thee"Botsds") to be Is- sued by the Issuer In one or more series of tax-exempt bonds I an B"mverot ,Me�I il �,Opp,�O. The Proceeds of 1 Insertim(a) 100;0;jwill be IOanad to FW St�OonoRldge6�( (tire Published On: R=A, We�aaf, to finance a por- tio—n of the costs of the acgidsh Febntery OT,2018 tion andfcwWucUon of 8 muM- family residential rental devei- opmert known as Stallion Ridge erMn_ents(the"Develapmen- corrlai ap roximatteelIyy Itsandlatappraod- mately,9128 Crimson Lane and a�roxlmateffr 9105 Azure Lane, Fort wath,Taxes 76140. The Doetoptnent will 6e initially ` owned !the Borrower. All Inbee persons are Invited to attend such public hearing to express their views with re- so8ct to the meet and t}m lasUmce Doff Bonds. questl ons or addl- m req n may,for b ddl- rectid to Sydnee Freem�an�,Trina-- ityPublic Facility W Ilan P 0:Box 430,Fort Wortlt TX J6101(817)333 400,www: (Pmt Clem Persons Who intend to appear at the hearing and express their SUBSCRIBED AND SWORN TO views are Invited to contact iMs. BEFORE ME,THIS 12th of We0h ettltw i� n� by I �Y hearing,Any Interested Persons February in the year of 2018 unable to attend the hearing may submit their views Ip Writ- 1np to Ms.Freeman prior to the date scheduled fob the hearI This notice is published and the va-descri6ed,hea ing is to be held In satisfaction of the re- �uMeherrts of Section 247(f)of Notary Public th4qe88.�6y,l.nternal.Re"i'mue Code of 1Uiifc app g►eogsus ilteas amende-4 th"bo farexclusion tax purposeslpoes of the nterest on the-sands, other thaman�►taxable twn