Loading...
HomeMy WebLinkAboutResolution 5836-10-2023 (2) A Resolution NO. 5836-10-2023 APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE MULTIFAMILY HOUSING REVENUE BONDS TO BE ISSUED BY CINCO PUBLIC FACILITY CORPORATION FOR THE LIFE AT WESTLAND ESTATES 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, The Life at Westland Estates 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 rehabilitation of a multifamily housing residential rental project to be known as The Life at Westland Estates, to contain approximately 192 units and to be located at approximately 2950 Alemeda 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 $26,500,000 (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 September 29, 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 $26,500,000.00 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 1 accordingly so resolved. II i PASSED AND APPROVED, this October 31, 2023. I 1 I Mat 'e Parker, Mayor APPROVED AS TO FORM AND LEGALITY: c By: eann Guzman, C' y Attorney ATTEST: 000000000 0 1 *000,00 0 T OO d OO By: a o0.G JanreS. dall, City Secretary Oft-ao y� 0 d�® �a I , i I I I Project Location rvunr rim ur -Body And Mind OasisQ -- rn `fie N Calhoun Falls Dr VJectFr}• I ! ,t, ooP�2D \JeS�Fvr9 Sao Birchma i Baptist Cl r m o tFJry Game On �tes Sports Complex QAPEC Fort Wortli The Carmen Q \sestFWY r 0 v I � o 0 i Gray Tennis CenterQ m 1, I " Young Field atQ Trinity Habitat McNair Stadium R o IFo'r Humanity McNair Stadium Q Nf Woodhill Apartments Q I All Saints' Service King Collision Episcopal School 9� West Ft Worthy } Episcopal Diocese of Fort Worth© ds Q > f o J S Q a Nehe�`at��r FORT WORTH HARLEY-DAVIDSON Meadow Ri Apartmr Santa Clara Dr Santa Clara Dr Hiley Subaru of Fort Worth Q o qp— Angel's Roofing q D C m ) MINUTES OF PUBLIC HEARING Re: Cinco Public Facility Corporation Multifamily Housing Revenue Bonds (The Life at Westland Estates) The undersigned hearing officer of the Cinco Public Facility Corporation (the "Issuer") had the public hearing called to order at 10:02 a.m. on September 29, 2023, and the hearing was 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 Bonds, the proceeds of which will be loaned to The Life at Westland Estates LP to acquire, rehabilitate and maintain a multifamily residential rental facility to be known as The Life at Westland Estates (the "Project") located at approximately 2950 Alemeda St., Fort Worth, Texas 76108. 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 area of operation of the Issuer and the Project, 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 Proj ect. After sufficient time was given for all present to make their comments with respect to the Bonds and the Project,the public hearing was declared closed. Dated as of September 29,2023. e Brian Dennisoi-iTTct 12,2023 10:51 CDT) Mr.Brian Dennison Hearing Officer 4857-5161-4342.v1 EXHIBIT A AFFIDAVIT OF PUBLICATION (SEE ATTACHED) 4857-5161-4342.vl f. /.. 3/UTXXFat Herald Sun-/• /1 rrc"B,cBilod AFFIDAVIT OF PUBLICATION Account I Order Number Identification Order PO Amount Coil Depth 45688 468166 P(Int Legal Ad•IPL01402110•IPL0140721 $1.0SS.t8 1 56 L Attention: How do I publish a legal notice? THE STATE OF TEXAS Coats Rose•PALISADE COUNTY OF TARRANT 4704 Palisade Dr l Suite 350 1 Before me,a Notary Public in and for said County Austin,TX 78731.4512 and State•this day personally appeared Stefani 1 Beard.Bid and legal Coordinator for the Star- Telegram.published by the Star-Telegram,Inc at ---------------------------------------------------------------------------- Fort WoOK in Tarrant County,Texas:and who. nonce or vueuc tter{nlllo l after being duty sworn,did depose and say that Nrnv r harrbf qt�n M a f ib- t W.N"s'l I.to Hatt ty C rro Flesh- 1 the attached clipping of an advertisement was ` m_r0)A r n published in the above riamed r on the listed Scprnrnr N,21Y13,al lyfl)sm_ pU paper bi lehccnlafm:c Wih fouxct to M 1 dates: /•rur d mlhLti»tf Murry ftnxr . IN 1v lint•• n ones(f mar"k,5; l a(Inv{%p�p1 pJais .n on cggfc- i ! }w Ifn'rNl ofnount rex$)a!:SUr l 1 insertion(s)published on: Floe"li it I rro d In 1 A of el ! 0917Q'23 IlJt/.15 V)il FA 1•annt N Tna I.lu:l 1 N\Attfrf CALtaA 1P(a a roolad rax flafl rr:Alalc ha•oAl,Iha ticnrur tt�le Invee n(»-tlxl co Inc aras d i ncgtlatm n-d reh.t"W:n N a-1 OA'y'if fcsiS..RaI faf!_4 fJowLtc*crl to to knvnn o3 Nbyl.'Xk i E'J91a5 1't•+i'(kvt•I:r�»:K),oont)»- 1 Irrg o(pa%m)1?q 192 to ts,tiU I,n 1, t fnraYA Y:pntru i»iMtr lYU Nfrrr•- l Iti ti`,rM VXwttt Ta.ax lfilf.(A Th; 1 Dvrt{xm,^»iwll I c Intnnf-rca try• rre nonaher. 7Tr.D:rl1;wfl tv lAiuca rvx¢rR b Ih:'vtvnafvl(A fl n lex s I rWlc FxIRf CcrauraymA h.i nowt fiyrfnvfwnl(Mo.Chljgf 333,4tY- 1 nr arc.""-(too I'Iw ' If<lwd 94'-x4%l\lu'r(11 t'nlly if.(1rF'I:,r1 q,.911Kft roskvmal fccial rtajc" rA+'ll',/o Scctm 14213n el and MI ri tho frtetnJ flr."ue gale d Iq%, ere Om Jhd tY»Y'iffa-I.TIn n10 i swofn lO S W Ole me Oils 20th day 01 It psi tv r.v d Ihr D:•,c Iv-.:.r�rrn a Seplcrrlbcr In the ytv(of 2013 lunxh%.t)nlert.f in tr:D•Ml.tln:fl l f7M.)win t.:7/?@Yrrc Y)enlfro f 1 RI In1mA1•v1 11%Yrr1f1A aver Iry I, 1 a1 u n.lf:Cip$a h Iho P"c tearno to e.rrA•.t?R f —n Wih t wod I. tro Lkv er.f'.rl Y f tv im3n�o u ev Ocrlh.Top,the tab:all rrY.e_ cal;In Inv-ffrc of 1077, 7464261 f'r�ntir.• (Q3S2010 olnwns(. f frrt,Inll.. IN i'$Jhe" l r/(rmY('f� 1 Ste•p'n"•iz Hart er mey h.'I'W'd 1)Arr.Fvi4l Dew- rtin,FM%'Mb Km4.,, gp,Wns. f 1407 1A.a2 M-1,rut wonh,lama 1 Nota(yp1blic in am lot tile state Of Iexas,( . In t Irto1 01 st727 rrfaln333•all2, Dallm County l; ">"•.r STERW4rEH%XHER ' 4)y Nolnry 10 4133.5:UU l Expires San:bry 14,2028 i E.trl chirp taioslot6#land Wits, i lull f}O(ydMllt�itl6R lb/101f�fayi 4857-5161-4342.v1 CERTIFICATE OF MAYOR OF CITY OF FORT WORTH,TEXAS REGARDING ISSUANCE OF CINCO PUBLIC FACILITY CORPORATION MULTIFAMILY HOUSING REVENUE BONDS (THE LIFE AT WESTLAND ESTATES) WHEREAS, a public hearing was held telephonically on September 29, 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 $26,500,000 (the "Bonds"), to finance a portion of the costs of acquiring, rehabilitating, and maintaining a multifamily housing residential rental development to be located at approximately 2950 Alemeda 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 147(f) of the Internal Revenue Code of 1986, as amended(the"Code"); and WHEREAS, on October 31, 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 (The Life at Westland Estates) in one or more series, at one or more times, in an aggregate principal amount not to exceed $26,500,000, 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 thisjOctob.er 2023. Fort Worth x By M Vtie Parker, Mayor [Signature Page—Approval of Highest Elected Official] 4875-5563-0927.vl