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HomeMy WebLinkAboutResolution 5707-02-2023 (4)A Resolution NO. 5707-02-2023 APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS FOR THE NORTHILL MANOR APARTMENTS TO BE ISSUED BY CINCO PUBLIC FACILITY CORPORATION WHEREAS, Cinco 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 Housing Authority of the City of Fort Worth, d/b/a Fort Worth Housing Solutions, in financing or providing public facilities and in particular affordable mixed income multifamily housing units in the State of Texas; and WHEREAS, Northill Manor Housing Partners, L.P. (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 rehabilitation of a multifamily housing residential rental project to be known as Northill Manor Apartments, to contain approximately 100 units and to be located at approximately 3625 Kearney Avenue 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 $20,000,000.00 (the "Bonds") to finance a portion of the costs of acquisition and rehabilitation; 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 telephonically on February 3, 2023, 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 Mattie Parker 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 28ffidayofFebniary,2023. a"\ & Matti'e Parker, Mayor APPROVED AS TO FORM AND LEGALITY: Guzman, City%Attorney ATTEST: By. Jan e to S. Goodall, City Secretary ........ ! ,` `'�,.7�XAS . Project Location Tarrant !laws Crb a County{#M College r►� F T orthvaR '. 1 IVA `'Fort Worth Melody Hilts Infl A report Radisson Hotel Fortam R KI Q,Worth North -Fossil Creek 1113wi ,, r�„� J CEMEX Fort Worth ©� me De Cement Terminal Walmarl rw PeighborMod Market ' O e 3625Kearney Ave, 40VAwe 6otlrsrAre Rict It 444a Fort Worth, TX 76106 Ha�ui1ders Surplus] Yee Sansom Park DIAMOND HILL fiwi AN Raftrtt7r Clly, Texas V Q�y FAR GREATER m? aS Thai ' 8 8 Tea NORTHSIDE Haltom City R HISTORICAL Tx Di I ,a ,n rAw�.yAd Regional' r ■■ Fort Worth Stockyaraslp � Walma t %*reenter a a ,a V W 2!11 % 9 El Rancho Supeniwereado L y 00 kwood GolfCourse River Oaks �� _ t. VNIC BLUFF J )&NOL t W sa , , rivrl t -Town IS* Foods ® ' (Eorfi Worth) Ritzy le while $a1� —.V Rd inter Worth i p ' Kimbell Art Museum �i _ _ Fait Worth - _ -T -4: VaterlGardens� '•!'_ _, er Hills B Cutttn Edge 'p • 1 Dickies Arena Haumed House 9Me H Texas MEADOWBROOK uo C` Fort ft-� f;M'Chlldrens© � � We © ARLINGTON ® dicalCtr EHwnwst University HEIGHTS ® W Rosedale s, 4 oChua Huong fl 9 LG Grand Canvas y 3625 Kearney Ave, Fort Worth, TX 76106 •9ry a m 1 C c it rance Pe W Long Ave MINUTES OF PUBLIC HEARING Re: Cinco Public Facility Corporation Multifamily Housing Revenue Bonds (Northill Manor) Series 2023 The undersigned Hearing Officer of the Cinco Public Facility Corporation (the "Issuer") presided over the public hearing called to order at 9:06 a.m. on February 3, 2023, regarding the issuance of the above -described Bonds. The public hearing, required under Section 147(f) of the Internal Revenue Code of 1986, was declared open for purposes of discussing the Bonds, the proceeds of which will be loaned to Northill Manor Housing Partners, L.P. (the `Borrower"), to finance a portion of the costs of acquisition and rehabilitation of a multifamily residential rental development to be known as the Northill Manor (the "Development"), containing approximately 100 units and to be located at approximately 3625 Kearney Avenue, Fort Worth, Tarrant County, Texas 76106. The proposed multifamily rental housing community will be initially owned and operated by the Borrower. 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. 4E654417-9535.v 1 Dated as of February 3, 2023. Mr. Brian Hearing C 4865-4417-9535.vl EXHIBIT A AFFIDAVIT OF PUBLICATION (SEE ATTACHED) 48654417-9535.v 1 AFFIDAVIT OF PUBLICATION Aoa "# OrderNunber I .. -MfJft or&M AIno am T M11 I iirYr UOPAlLOgM-PUOt0M i}itlgOiSt Atterfdort: Bill Walter THE STATE OF TEXAS Coats Rose COUNTY OF TARRANT 4104 Palisade Dr Suite 350 Before me, a Notary Public in and for said County Austin, TX 78731-4512 and State, this day personally appeared Stefard Beard, Bid and Legal Coordinator for the Star- Telegram, published by the Star -Telegram, Inc. at Nance OF PUBLIC IfEmma Fort Worth, in Tarrant County, Texas; and who, Notice to beheld tic after being duly sworn. did depose and say that hearing bey Cdincoo FaclOy Corporation fire "Issuer), on the attached dipping of an advertisement was February 3, 2023, at 9.00 am, by tele- conterence wnh respect b an Issue published in the above named paper On the listed d muitltenrity Housing revenue bonds� 'Ronde"). ghe todates: be Issued by the Is- , suer In one or more series of tax -ex- ' empl bonds in an aggregate principal i amour not to exceed $20.000,000. The proceeds of the Bonds will be 1 Insertion(s) published on: loaned b NoNwu Manor Housing Part- , 01 /25/23 ners. LP. (or a related person or affili- ate thered. the `Borrower), to finance a portion of the costa d acquIsitim ; and rehabilitation of a muitilamlfy res- idential rental development known as Noid III Manor 0he "Development'), ; containing approximately 100 units and to be located at approximately ; 3625 Kearney Avenue, Fort Worth, Tarrant Coady, Texas 76106. The , Development will be Initially owned by ; the Borrower. , The Bonds will be Issued pursuant b time provisions of the Texas ; Public Facility Corporations Act, Local ' Government Code, Chapter 303, Viw- non's Texas Code, as amended On ; •Acn. The Bonds are expected to be Is9red as "exempt IeGNty bonds" for a quailed residential rerdal project , ' pursuant b Section 1421a)(7) end (M i of the Internal Revenue Code of 1986, ; as amended nhe -Code•). The initial legal owner of the Development (and a Sworn to and wbscdbd kfte me this 25th day 0 leasehold pnlim at in due Dmiopnent s site) will the Borrower identified , lalxfary in the year of 2023 above. ' : All Interested peral" are kW - ad b participate in the public hearing b express their views with respect to this Development and Rite issuance d ; this Bonds. To join the teleconference, r call in blFfree at (877) 746-4263, Passoode: 20821204. Quedione or may be directed b Mtn. Brien may be re additional Brien Denni- Fort Wirth Housing sone . Solutions, 1407 Tee Street, Fort Worth, Texas ; 76102 or (817) 333-3442. NdUmy Publk III aid for tFie state of 6ii r ng ln PLO106770 Dallas County Jan 25 2023 ; , F STEPHANIE HATCHER33S ::p �' ,•,.;; i a''� My Rotary Id 0 134406 ' '�%,�► Ei0= January 14, 2020 F�a�adat�erorlmeaaupf�wr9ditlil� Lelitldoaa.ettpleaetbltoedetEro�l CERTIFICATE OF MAYOR OF CITY OF FORT WORTH, TEXAS REGARDING ISSUANCE OF CINCO PUBLIC FACILITY CORPORATION MULTIFAMILY HOUSING REVENUE BONDS (NORTHILL MANOR APARTMENTS) WHEREAS, a public hearing was held on February 3, 2023, in the City of Fort Worth, Texas by Cinco 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 $20,000,000.00 (the "Bonds"), to finance a portion of the costs of acquiring and rehabilitating a multifamily housing residential rental development to be located at approximately 3625 Kearney Avenue 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 February 28, 2023, 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 Cinco Public Facility Corporation Multifamily Housing Revenue Bonds (Northill Manor) in one or more series, at one or more times, in an aggregate principal amount not to exceed $20,000,000.00, 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 2023. Ci of Fort Wo h, Tex By: Ma 'e Parker, Mayor [signature Page — Approval of Highest Elected Official] 4875-5563-0927.v1