HomeMy WebLinkAbout(0044) RESOLUTION - Cowan Place ApartmentsA Resolution
NO.
APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL
REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS
FOR THE COWAN PLACE 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 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 as 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 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
$20,000,000.00 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
Betsy Price, Mayor
APPROVED AS TO FORM AND LEGALITY:
Sarah J. Fullenwider, City Attorney
ATTEST:
By:
Mary Kayser, City Secretary
Project Location
E Rosedale st _ E Rp
SS
I L L E E Rosedale St
RANSOM
TERRACE
Go gle RAMEY PLACE
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, construct 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.
M .Tyler rb ast
Hearing Officer
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EXHIBIT A
AFFIDAVIT OF PUBLICATION
(SEE ATTACHED)
4831-7770-4677.vl
AFFIDAVIT OF PUBLICATION
Accounts
Order Number
Identifietlon
Order PO
Amount
Cols
Deptl1
45688
34473
Print Legal Ad - IP10016608
$1.086.64
2
1 3.01
Attention: Bill Walter
THE STATE OF TEXAS
Coats Rose
COUNTY OF TARRANT
4704 Palisade Dr
Suite 350
Before me, a Notary Public in and for said County
Austin, TX 78731-4512
and State, this day personally appeared Amanda
Grisham, Bid and legal Coordinator for the Star-
Telegram, published by the Star -Telegram, Inc. at
__________________________________________________________
Notice of PuMk bearing
__
Fort Worth, in Tarrant County, Texas; and who,
The Trinity River Public Facility Corporation ithe 'Issuer'), will conduct a public
after being dui sworn, did de and that
g y pose say
hearing on April 13, 2021 at 1290 PM. by teleconference as described in Sec-
bon 4.01 of Rev Roc. 2020 21 with respect to an issue of multifamily housing
the attached clipping of an advertisement was
revenue mp° tt ti n aanhe O0a9 Iregate principal vamou no; ion a $2o 00 00
published in the above named paper on the listed
Theproceeds of the Bonds will be loaned to FW Cowan Place, LP (or a related
dates:
person or affiliate thereon (the 'Borrower) to finance a portion of the costs of
the acquisition and construction of a multifamily residential rental development
known as the Cowan Place Apartments (the "Development-), containing approx-
imatey 174 units and located at approximately 5400 E. Rosedale. Fod worth,
No. of Insertions: 1
Texas 76105
The Bonds will be issued pursuant to the provisions of the Texas Public Facility
Corporations Ad, Local Government Code, Chapter 303. Vernon's Texas Code,
Beginning Issue of: 03/30/2021
as amended (the "Ad'} The Bonds are expected to be issued as "exempt facility
bonds" for a qualified residential rental project pursuant to Section 142(a)(7)
"Coi
Ending Issue of: 03/30/ZOZI
and (d) of the internal Revenue Code of 1986, as amended (the The ini-
tial legal owner of the Development (and a leasehold interest in the Development
site) will be the Borrower Identified above
The publb and interested parties are invited to participate in the public hear-
i
xg regarding the residential development and the issuance of the Bonds. To
pin the video conference from a computer, tablet or telephone browser: httpsJ/
us02webzoom us/y89591727695 or call in toll -free at (346) 248-7799 The
webinar D number is 895 9172 7695. Questions or requests for additional
information may be directed to Mr. Tyler Arbogast Fort Worth Housing Solutions.
1201 East 13th Street Fort worth, Texas 76102 or (6B2) 717-7669.
Any interested persons unable to allend the hearing may submit their views in
writing to the above -named parson pnor to the date scheduled for the hearing
IPLOO16608
Mar 30 2021
worn to an su un ore me t is t ay o
April in the year of 2021
r
1 /
Notary Public in an or t e state o exas, rest ing in
Dallas County
t `�j S1EFi11Vl 90dTT 9EAit0
(IyNoisy ID11317051
BOW Odift A eon
Extra charge for 1W orduplicate affidavits.
Legal document phase do not destroy!
4831-7770-4677.vl