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HomeMy WebLinkAboutResolution 5388-04-2021A Resolution NO. 5388-04-2021 APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS FOR THE COW AN PLACE APARTMENTS TO BE ISSUED BY TRINITY RIVER PUBLIC FACILITY CORPORATION (COUNCIL DISTRICT 5) WHEREAS , Trinity River Public Facility Corporation (the "Issuer") is a Te xas 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 Cowan Place , 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 senior housing residential rental project to be known as Cowan Place Apartments, to contain approximately 174 units and to be located at 5400 East Rosedale 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 $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 a s tax-exempt obligations under the Code; and WHEREAS , the TEFRA Hearing regarding the Bonds and the Project was conducted via toll- free phone and video conference on April 13, 2021, 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 14 7(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 e x ceed $20 ,000 ,000.00 to finance d e velopment 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 14 7(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. PASS E D AND APPROVED , this 20th day of April 2021. APPROVED AS TO FORM AND LEGALITY: By: Sarah J. Ful nwider, City Attorney ATTEST: B y : @ E Rosedale St I LL E * G o g e Project Location E Rosedale S RANSOM TERRACE E Ros MINUTES OF PUBLIC HEARING Re: Trinity River Public Facility Corporation Multifamily Housing Revenue Bonds (Cowan Place Apartments) Series 2021 The undersigned Hearing Officer of the Trinity River Public Facility Corporation (the "Issuer") presided over the public hearing called to order at 12:06 p.m. on April 13, 2021, and conducted telephonically on behalf of the Issuer pursuant to Section 147(f) of the Internal Revenue Code and Revenue Procedure 2020-21. The public hearing, required under Section 147(f) of the Internal Revenue Code of 1986 , was declared open for purposes of discussing the above-captioned bonds (the "Bonds"), the proceeds of which will be loaned to FW Cowan Place, LP to acquire , cons truct and maintain a multifamily residential rental facility to be known as the Cowan Place Apartments to be located at approximately 5400 E . Rosedale , Fort Worth, Texas 76105 (the "Project"), and to contain approximately 174 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 public hearing was closed. Dated as of April 13, 2021. 483 1-777 0-4677 . v I 4831-7770-4677 . v I EXHIBIT A AFFIDAVIT OF PUBLICATION (SEE ATTACHED) Acmuntl Order Number 45688 34473 Attention: Bill Walter Coats Rose 4704 Palisade Dr Suite350 Austin. TX 78731-4512 NoticQ of Public Hearing AFFIDAVIT OF PUBLICATION ldentlfkatlon Print Legal Ad • IPl.0016608 The Trin ity River Public Fac!Jity Corporallon llhe "Issuer"), will conduct a publ ic hearing on Ap ril t3, 2021 al 12:00 P.M ., by teleconference as descnbed in Sec- tion 4.01 of Rev. Proc . 2020 -21 wrth rcopect lo an issue ol muMamily housmg rcwnue bonds (!he ·sonds-J IO be Issued by the Issuer In one or more senes of ta>Haxompt bonds in an oggrogato prtr<:ipat amount not to o'""'9d $20.000.000. The proceeds ot tile Bonds will bo loaned lo FVV Cowan Plaoe, LP (or a related person or affiliate !hereon (the .. Borrowen lo finance • portion of !he costs of !he acqu lsltcn and cons~uction of a multttamlly resoenNal remal developme11I known as !he Cowan Place Apartments (tile 'Oevelopnenl1. conlaining approx- malely 174 unrts and localed at app,oximately 5400 E. Aosroale. Fort Worth. Texas 76105. The Bonds will be is9uod pursuant 10 !ho provisions ol lhe Texas Public Faciti1y Cotpora1Jo ns Aa. Loca l Government COde, Cllapter 303, Vernon's Texas COde. as amend ed Ohe "Acn The Bonds are expected lo be issued as ·exempl facili1y bonds" lor a qual~,ed resi:lential rental project pursuant to Sedion 142(a)(7J and (d i or the lnlemaf Revenue God<>of 1986.asamended (the "Code"}. The ini- tlal legal owner of the OeYolopment {and a leaseMld mrest In the Dewlopnent site) will be the Borrower ldontified atlOW. The publk: and interested parties are lnvfted lo particlpale In the public hear- ing regarding the residenlial development and the issuar<:e ot the Bonds. To join !ho video conference from a computer. tablet or telephone browser: https:/ / us02web.zoom us!V89591727695 or cell In toll-free at 13461 248-7799. The weblnar ID numlxlr Is 895 9 t 72 7695. OJostions or requests for addltlonnl in formation may be direcled lo Mr. Tyler Arbogast. Fort W:>rth Housing Solutions. 1201 East 13th Stree~ Fort'M>rth, Texas 76102 or (682) 717-7669. Ally inleresled persons unable lo attend Ule heanng may sutrnil their views in writing lo the above-named person prior to the date scheduled for the heanng IPl.0016608 Mar 302021 4 83 ( -7770-46 77. V l OrderPO Amount $1.086.64 THE ST A TE OF TEXAS COUNTY OF TARRANT Cols Depth 2 3.01 Before me. a Notary Public in and for said County and State. this day personally appeared Amanda Grisham. Bid and legal Coordinator for the Star- Telegram. published by the Star· Telegram. Inc. at Fort Worth. in Tarrant County. Texas: and who. after being duly sworn. did depose and say that the attached clipping of an advertisement was published in the above named paper on the listed dates: No. of Insertions: I Beginning Issue of: 03/30no21 Ending Issue of: 03/30no21 Sworn to and subscnbed before me this 13th day of April in the year of 2021 Notary PubllC m and for the state of Texas, res,dmg m Dallas County SJ'EflH SOOTT IIEAAD r.t, ,._, 1>113t7'1S51 Er;IM Odablr 23. 2022 Extra chal8' for lo!t or dupllcate affidavits. Legal dorument please do not~ CERTIFICATE OF MAYOR OF CITY OF FORT WORTH, TEXAS REGARDING ISSUANCE OF TRINITY RIVER PUBLIC FACILITY CORPORATION MULTIFAMILY HOUSING REVENUE BONDS (COW AN PLACE APARTMENTS) WHEREAS , a public hearing was held on April 13 , 2021 , 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 senior housing residential rental development to be located at 5400 East Rosedale Street 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 14 7(f) of the Internal Revenue Code of 1986 , as amended (the "Code"); and WHEREAS , on April 20 , 2021 , 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 (Cowan Place 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 solel y for the purposes of section 14 7(f) of the Code, and the City of Fort Worth , Texas shall have no liabilities for the payment of the Bonds nor shall an y of its assets be pledged to the payment of the Bond s . In Witness Whereof, I have set my hand this April 22 , 2021. [S ign ature Page - Approval of Hi ghes t Elec ted O ffi cial]