HomeMy WebLinkAboutResolution 5067-03-2019A Resolution
NO. 5067-03-2019
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, (or a related
person or affiliate thereof) 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 204 units and to be located at approximately 9128
Crimson Lane and 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 $20,000,000 (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 March 8, 2019, 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,
ORT WORT
Resolution No. 5067-03-2019
Page 2
hereby approves the proposed issuance of the Bonds in an amount not to exceed
$20,000,000 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 191" of March 2019.
'�B�Pric ayor
APPROVED AS TO FORM AND LEGALITY:
yr...p,
Sarah J. Fuenwider, City Attorney
ATTE
By:
Mary
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 March 8, 2019, 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 $20,000,000 (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 19, 2019, 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 $20,000,000, 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 Marc 2019.
[Signature Page — Approval of Highest Elected Official]
MINUTES OF PUBLIC HEARING
Re: Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds
(Stallion Ridge Apartments)
The undersigned Hearing Officer of Trinity River Public Facility Corporation (the
"Issuer") called the public hearing to order at 4:00 p.m. on March 8, 2019, at the offices of the
Issuer, 1201 E. 131h 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 to acquire, construct and maintain a multifamily
residential rental facility to be known as the Stallion Ridge Apartments located at 9128 Crimson
Lane and 9105 Azure Lane, Fort Worth, Texas (the "Project"), containing approximately 204
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 March 8, 2019.
ur-
Mr. yler Arbog t
Hearing Officer
4826-9510-5415.v2
EXHIBIT A
AFFIDAVIT OF PUBLICATION
(SEE ATTACHED)
4826-9510-5415.v2
STATE OF TEXAS
COUNTY OF TARRANT
BeforFqe, a Notary Public in d for said County and State, this day
personally appeared LAP , Advertising Representative
for the Star -Telegram, pu lished by 'Me Star -Telegram, Inc. at Fort Worth, in Tarrant County, Texas and
distributed in other surrounding Counties; and who, after being duly sworn, did dispose and say that the
following clipping of an advertisement was published in the above named paper on the following dates:
rj� kbDa D-61R
Signed OW&A-)
Subscribed and sworn to before me, this the lX w w w day of 11 I 1(,U X .t'" b 20_�—i —
Notary Publi
Tarrant unry, Texas
t
`{.13EMALEENCORDERO
*x ley NoLwy ID # 13188
tes Januaq 25, 2023
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Intermoda
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Room, 16
Worth, T,
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loaded ft
websfte ai
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centorlpr
DUO% V'U, DU,X
13231, Austin, Texas 787U-
NUM." Is flurepy, given (net PU011C
heark; s will be hold by the City
Coungt Cl%
3231.
of the of Fort
Worth, Texas, In a Council
NOTICE QF PUQLIC HEARING
Chamber. second floor of the
Notice is hereby given of aablic
r,n,
hearingto be hold by rinity
Municipal Office Stilidink 200
Texas Street Fort
River Public Facility Corporation
the "Issuer"}, a non-profit pub-
Texas at 7:00 p.m, on March
Sth Wth, 2019.
qc facility corporation created
The purpose of these ublic hear -
A
by, the Housinruthority of the
of Fort arth d/b a Fort
C t a
Ings7s to consider proposed
annexation of the fallowing' do -
ly
Worth Housing Autharl� (the
scribed territory-.
YAuthoritrj, on Friday, Match
201?t at 00 pm. N the Au-
All that certain hot, tract, or rrcel
situate In a part on of
the
tA 0911, s offices at 1201 East
13 treat, Fort Worth, Texas
WHII
the Wifilal Sammie Survey, Ab-
stract No, 207, aton Coun
bal
76102, respect to an issue
of multifamilyhousing revenue
"nds")
Texas, part of that cerkl!1n,
called 73311
5 7 acre tract descri-
bonds (the to be Is-
sued by the Issuer In one or
bad as Tract 2 In a deed th
Alliance-156 Partners LP re -
he,
more series of tax-exerpot
bonds In
corded In Instrument 2010-
110449 the Dead Records of
an aprogate principal
to
of
County, Texas (PROT,
mount no exceed
20,000,001 The
Penton
and being more a-
proceeds of
heo'Boods will be loaned to FVV
stallion RldMe,
completely
scribed as follows to -wit -
571- iron
LP (or a related
or a [late thereof)
BEqINNING at a
found cTe;d
" 87" for
Berson (the
too stamped
Borrower"), to finance a por-
the Northwest corner of said
thin of e costs of the acquisi-
73.567 acre tract, the Northeast
tion and construction of a multi-
comer of a called 73362'Kre
a It resi entlal rental devel-
In a deed to
ant Imawn as tallion Ridge
artments (rho 1 ovelopmen-
Jeanne She ton recorded In in
Jeanne
8rument No, 1"9-115848
i t ) containingapproximately
unit, located at approx-
PROM and being In the rec-
ognized Korth line of said Wji-
Imate 9128 Crimson Lane and
9105 tLane, Fort Worth,
Item Sample Sue from Which
rvure
a 3/4" Iron Pipe golund for the
Texas.
The Bonds will be Issued pursuant 1
Northeast corner of said 73.362
acre tract heart South 89 deg, 0
to the revisions of the Texas
elcility
min. 17 sec, West - 988.75 feet:
D
Public Corporations Act,
Local Government Code, Chapter
Texas
THENCE North fig deg. 8 thin.
sec East along the North lines
303, Vembri's Code, as
amended (the "Act"). The
to Issued
of said 73.56 acre tract and
sample survey a distance of
K99 to iA- iron
Bonds are expected be
as "exempt facility bonds" for a
feet a
rod found stamped 'It' 3ERS
No
qualified 6�& rental Prot-
for an ell corner of sold 1567
dct ursdant to section
142(a)F.71) and (d) of the Internal
Due tract,
THENCE South 01 deg, 43 (pin. 48
Revenue Code of 1986, as
amended (the "Code'). The Ini,
sec East departing the North
line of said ample Survey and
In
in
Alit)
h
to
VVVar t
d pro°
Until
express their views with W
st gect to the Devolorment and
Issuance the Bonds.
APAI
-rinity
a of
-
uestions or requests for addiff
tional informatiolf max, be di-
ration
plaza,
rected to be r. Trier rho ast,
Fort WortIl Vous In? Solutylo
850,
1201 East 13th treet, FP
With
Worth, Texas 76102 or (682)
717-7669.
2*00
a-- Who I.f&.A M a ea at
date at this loca- -the hearing and express their
views are invited to contact W.
Arbogast In writingor by, toile.
proposers are an- phone In advance othe hearin?.
attend a nonA interested son u -
infer-
it the
V_ .
Wattend the hearth may sub -
their vlews'ln to Mr.
Con-
lunit
M
mit wrliting
Arbogast F:rlor to the date
scheduled the hearing,
1110
ch 6,
This notice Is published and the
abovo-described hearign Is Kbe
Jown-
otro's
held In satisfaction the re-
troments or Section 147 f) of
t Internal Reyenue Cos
Ityme
a
1996, as amoqL46d, regardinga at
the
ran t-
ltsj�
-
Pi approval prerequisite to
a exclusion from ass Income
R
for, Asefecal, jocomp,,tak ppr 5
of a, =11:1
4a
rof
ithir th taxable bonds. I
and
dwell " bust-
Notice of Public Hearin
of Contemplated Annexation
Case No, AX-18-0013
Notice Is her given that public
)s
ct is
hearins'Will be hold by the City
Councilof the Ci% of Fort
N1
rt
Worth, Texas, In t e Council
Chamber, second floor of the
dolor
Offic Rulfifina
I
acre tract. aiiscri011o as
1 In a dead to William
Wilson, at al recorded In
neat No. 2018-3114
T);
Sout 0 deg. 29 min 39
est along the East line of
3.567 acre tract and the
line of said 73-700 acre,
at 2,624.07 feet pass a
cd ppOUAWAY" in ®the
a total 9911
� ei I
I foond
N, 3y lineIn of the so
HI9hw P I ,h
rs U779
r W.4+ . 7
im
11WH931U06
PUBLIC HEARING FOR
TRINITY RIVER PUBLIC FACILITY CORPORATION
Stallion Ridge Apartments
March 8, 2019
.... . . .....
PRINTED NAME SIGNATURE STREET ADDRESS Sul
DEI
Po
2.
. . . ...... . ------ . ..... .
3.
— — --------- - - - - - - --------- - - ---
9.
10.
EXHIBIT -APPROXIMATE LOCATION
lY
D'Un Aw E Epan Aile
Uamm r%vy
Shaby Rd
jo,hrmms
6A Paric 9 9128 Crim Um,
III �AMLFV
919105 Azure Low