HomeMy WebLinkAboutResolution 4994-10-2018 A Resolution
NO. 4994-10-2018
APPROVING, FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL
REVENUE CODE OF 1986, REVENUE BONDS OF THE TRINITY RIVER PUBLIC
FACILITY CORPORATION FOR A MULTIFAMILY RESIDENTIAL RENTAL
DEVELOPMENT CONTAINING APPROXIMATELY 220 UNITS TO BE LOCATED
AT OR NEAR THE NORTHEAST CORNER OF SOUTHEAST LOOP 820 AND
RESOURCE DRIVE, FORT WORTH, TEXAS 76119 (PATRIOT POINTE
APARTMENTS) (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 Patriot Pointe, 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 Patriot Pointe Apartments, to contain
approximately 236 units and to be located at or near the northeast corner of Southeast Loop 820 and
Resource Drive 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 $25,000,000.00 (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 September 13, 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:
ORTyVO
I. 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
$25,000,000.00 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 October 16, 201
Betsy P ' e, Ma
APPROVED AS TO FORM AND LEGA
Sarah J. F llenwider, City Attorney
ATTEST: �pF•F°RT�
By: — ------- —= — ------
Mdry J. Kayser, ity e ret y
CAS
FoRTWoRTH
CERTIFICATE OF MAYOR OF CITY OF FORT WORTH,TEXAS
REGARDING ISSUANCE OF
TRINITY RIVER PUBLIC FACILITY CORPORATION
MULTIFAMILY HOUSING REVENUE BONDS
(PATRIOT POINTE APARTMENTS)
WHEREAS, a public hearing was held on September 13, 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 to be issued by the Issuer, at one or more times, in an aggregate principal amount not
to exceed$25,000,000(the"Bonds"). The proceeds of the Bonds will be loaned to FW Patriot Pointe, LP,
to finance a portion of the costs of the acquisition and construction of a multifamily housing residential
rental development located at the northeast corner of Southeast Loop 820 and Resource Drive, Fort
Worth, Texas 76119, 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 October 16, 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 (Patriot Pointe 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 October,2018.
City of Fo ,Texas
y:
Ma
[Signature Page—Approval of Highest Elected Official]
4819-1404-1969.v1
EXHIBIT Patriot Pointe
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EXHIBIT — APPROXIMATE LOCATION
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MINUTES OF PUBLIC HEARING
Re: Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds
(Patriot Pointe Apartments)
The undersigned Hearing Officer of the Trinity River Public Facility Corporation (the
"Issuer") called the public hearing to order at 4:38p.m. on September 13, 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 Patriot Pointe, LP to finance a portion of the costs of acquisition and
construction of a multi-family residential rental development known as Patriot Pointe Apartments,
containing approximately 220 units and located at the northeast corner of Southeast Loop 820 and
Resource Drive,Fort Worth,Texas 76119.
The required notice of the public hearing for the Project was published in the Fort Worth
Slar-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 September 13,2018.
Tyler Arbogast
Hearing Officer
4813-5206 1780.vl
-Star-Tele
Arlington Cttizen-Journal I The Keller Citizen I Le Estrella
Mansfield Naws-Mirror i Star-Telegram Nonheast I Weatherford Star-Telegram
star-telegram com 1808 Throckmorton St.I Ft WoM,Tx.75102-0151 800.778.7827
AFFIDAVIT OF PUBLICATION
Account# Ad Number IdentiRcation PO Amount Cols I Depth
600707 0003814708 NOTICE OF PUBLIC HEARING TRINITY RIVER $1,289.28 1 74.00 Li
Attention: Deborah Chamption 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 NOTICE OF PUBLIC HEARING said County and State,this day
TRINITY RIVER PUBLIC FACILITY personally appeared CHRISTINE
NOTICE OF PUBLIC HEARING CORPORATION
TRINITY RIVER PUBLIC FACILITY MU REVIFAMILY ENUEBONDSNG LOPEZ,Bid and Legal Coordinator
CORPORATION (PATRIOT POINTEAPARTMENTS) for the Star-Telegram,published by
MULTIFAMILY HOUSING
REVENUE BONDS the Star-Telegram,Inc,at Fort Worth,
(PATRIOT POINTEAPARTMENTS) Notice Is hereby elven of a al f of g
hearing to be held on behalf of in Tarrant County,Texas;and who,
Notice Js hereby given of a public Trinity River Public Facility Cor-
hearing to be held on behalf of poratiion (the issuer"), on after being duly sworn,did depose
Trinity River Public Facility Cor- Thursday,September 131 2018'
poration (the Issuer"), on at 4:30 p.m.,at 1201 East 13th and say that the attached dipping of
Thursday, September 13, 2018, street, Fort Worth, Texas an advertisement was published in
at 4:30 p.m., at 1201 East 13th 76102 with respect_to an issue P
Street, Fort Worth, Texas of mtr'ttlfamlty ng revenue the above named paper on the listed
76102, with respect to an issue
of multifamily housing revenue -" - � 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 bonds (the "13onds") to be iS-
$25,000,000. The proceeds of sued by the Issuer In one or 1 Insertion(s)
the Bonds will be loaned to FW more series of tax-exempt
Patriot Pointe LP (or a related bonds in an aggregate principal
person or affiliate thereof) (the .. ..,.r. m _M_ ----A Published On:
Borrower"), to finance a por- §25,000,000. The proceeds of
tion of the costs of the acquisi- the Bonds will be loaned to FW August 18,2018
tion and construction of a multi- Patriot Pointe,LP(or a related
family residential rental devel- Person or affiliate thereof)(the
opment known as Patriot Pointe Borrower"), to finance a por-
Apartments (the "Devetopmen- tion of the costs of the aquisi-
t) containing approximately tion and construction of a multi-
226 units and located at north- family residential rental devel-
east corner of Southeast Loop oprrrent known as Patriot Pointe
820 and Resource Drive, Fort artments (the"Devetopmen-
Worth, Texas 76119. The De- 1 J �'=�ts'�� "EBORAH JEAN BAYLOF
velopment will be initially r"). tOntalnRgQ approximately `�y�p_.YrtFI�
220 units and located at north-
owned by the Borrower. i j otary Pubiic,State of Texas
east corner of Southeast Loop
820 and Resource Drive, Fort 311, V- Comm.Expires 10-29-2019
All interested persons are invited 1
to attend such public hearing to Worth, Texas ill b The De '4;�E'F t`��
express their views with re- velopment will be Initially ,,,,t,u� Notary !Q 13042344 2
spect to the Development and owned by the Borrower. .
the issuance of the Bonds.
Questions or requests for adds- All Interested persons are Invited
tional information may be di- to attend such public hearing to
rected to Sydnee Freeman,Trin- express their views with re- `
ity River Public Facility Corpora- spect to the Development and
tion P.O.Boz 430,Fort Worth the issuance of the Bonds.
7X1(817)333-3400,www.# uestions or requests for addl (Principal Clerk)
whs.org. Clonal information may be di-
Persons who intend to appear at rected to Sydnee Freeman,Trin-
the hearing and express their Ity River Public Facility Cor a. SUBSCRIBED AND SWORN TO
views are invited to contact Ms. tion P.0.Box 430,Fort Worth
Freeman either in writing or by TX(6201(817)333-3400,www.> BEFORE ME,THIS 28th day of
telephone in advance of the whs.org.
hearing. Any Interested persons Persons who intend to appear at August in the year of 2018
unable to attend the hearing the hearing and express their
may submit their views In writ- views are invited to contact Ms.
Ing to Ms.Freeman prior to the Freeman either in writing or by
date scheduled for the hearing. telephone In advance of the
This notice is published and the hearing. Any interested persons
above-described hearing is to be unable to attend the hearing
held in satisfaction of the re- may submit their views in writ-
quirements of Section 147(f) of Ing to Ms.Freeman Prior to the a
the Internal Revenue Code of date scheduled for the hearing. Notary Public-Deborah 88
1986,as amended,regarding the
public approval prerequisite to This notice Is published and the
the exclusion from gross income above-described hearing is to be
for federal income tax purposes held in satisfaction or the re-
of the interest on the Bonds, quirements of Section 147(f)of
other than any taxable bonds. the internal Revenue Code of
1986,as amended,regarding the
public approval prerequisite to
the exclusion from grass Income
for federal Income tax purposes
of the Interest on the Bonds,
other than any taxable bonds.
PUBLIC HEARING FOR
TRINITY RIVER PUBLIC FACILITY CORPORATION
PATRIOT POINTE APARTMENTS
SEPTEMBER 13,2018
PRINTED NAME SIGNATURE STREETADDRESS SUPPORT OPPOSE
DEVELOPMENT DEVELOPMENT
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4815-71464050.v1