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HomeMy WebLinkAbout22-1829RESOLUTiON NO. 22-1829 A RESOLUTION OF THE CITY OF DENTON APPROVING THE ISSUANCE AND SALE BYLEGACY DENTON PUBLIC FACILITY CORPORATION OF MULTIFAMILY HOUSINGREVENUE BONDS (VINTAGE RANCH) SERIES 2022 TO PROVIDE AFFORDABLERENTAL HOUSING; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Legacy Denton Public Facility Corporation (the “Issuer”), a nonprofit public facility corporation, created by the Housing Authority of the City of Denton, Texas, has induced the issuance of Multifamily Housing Revenue Bonds (Vintage Ranch) Series 2022 (the “Bonds”), to be issued in one or more series of tax-exempt bonds or governmental notes in an aggregate principal amount not to exceed $35,000,000; and WHEREAS, the proceeds of the Bonds will be loaned to LDG Vintage Ranch, LP, a Texas limited partnership (the “Borrower”), to finance a portion of the costs of acquisition, construction and equipping of an approximately 207-unit residential rental development to be known as the Vintage Ranch (the “Project”); and WHEREAS, Section 147(f) of the United States Internal Revenue Code of 1986, as amended (the “Code“), requires the Issuer to hold a public hearing and obtain the approval by theCity of Denton before the Bonds can be issued; and WHEREAS, the City Council is informed that the requisite public hearing was held by the Issuer on August 16, 2022, at 12:00 p.m., as evidenced by the public hearing minutes attachedhereto as Exhibit A; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES: SECTION 1. The City Council gives its approval for the Issuer to issue the Bonds, the proceeds of which will be loaned to the Borrower to finance the costs of acquisition, construction and equipping of the Project located at approximately the southeast corner of Vintage Boulevard and IH-35W Frontage Road, Denton, Denton County, Texas 76226 . SECTION 2. The City Manager is authorized and directed to take any action and to execute and deliver any documents that are necessary or advisable to comply with the terms of thisResolution. SECTION 3. Nothing in this Resolution shall be construed to create any obligationwhatsoever of the City with respect to the repayment of the Bonds. The Bonds shall neverconstitute an indebtedness or pledge of the City within the meaning of any constitutional or statutory provision, and the Bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the City. SECTION 4. This Resolution is adopted solely for the purposes of approval under Section 147(f) of the Code and shall not be construed as a representation, warranty, or other understanding of any kind by the City in respect of the Bonds or the Project. In particular, but without limiting 1 the forgoing, this Resolution does not constitute zoning approval, approval of any building permit, or any other approval required by the City in regard to the Project. SECTION 5. This Resolution shall be effective as of its date of approval and passage byCity Council. The motion to approve this Resolution was seconded by BEILyI &d: by the following vote [I - L] : ,\tmade by and,Yi c the Resolution was pas:and approved9 Aye L/ \/ V Nay Abstain Absent Mayor Gerard Hudspeth: Vicki Byrd, District 1: Brian Beck. District 2: Jesse Davis, District 3 :r Alison Maguire, District 4:/ y‘ /Brandon Chase McGee, At Large Place 5 : Chris Watts, At Large Place 6: PASSED AND APPROVED this the a day of $Mal, 2022. INATTEST: ROSA RIOS, CITY SECRETARY b\\\t IIII//r BY:al aJ APPROVED AS TO LEGAL FORM:MACK RErNWAND, CITY ATTORNEY B I/r : q1g#%= E ! ! ?2 X 2s!Tong: 1 4 T: : : : OB :: : 1 0 0 1 Exhibit A MINUTES OF PUBLIC HEARING Re: Legacy Denton Public Facility Corporation Multifamily Housing Revenue Bonds (Vintage Ranch)Series 2022 The undersigned Hearing Officer of the Legacy Denton Public Facility Corporation (the“Issuer”) presided over the public hearing called to order at 12:04 p.m. on August 16, 2022, and conducted telephonically on behalf of the Issuer pursuant to Section 147(f) of the InternalRevenue Code and Revenue Procedure 2020-2 1. The public hearing, required under Section 147(f) of the Internal Revenue Code of 1986, was declared open for purposes of discussing the above4aptioned bonds (the “Bonds”), the proceeds of which will be loaned to LDG Vintage Ranch, LP to acquire, construct and maintain a multifamily residential rental facility to te known as the Vintage Ranch to be located atapproximately the southeast corner of Vintage Boulevard and IH-35W Frontage Road, Denton, Denton County, Texas 76226 (the “Project”), and to contain approximately 207 units. The required notice of the public hearing for the Project was published in the Denton- Record Chronicle, being a newspaper of general circulation in the specific location of the Projectand in the jurisdiction in which the public hearing was held, as set forth in the afTidavit 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 theBonds and the Project, the public hearing was closed. Dated as of August 16, 2022. ms i McDade Hearing OfFicer 4887.3272-8 1 10.vI EXHIBIT A AFFIDAVIT OF PUBLICATION (SEE ATTACHED) 4887-3272-81 10.vI DRC MEDIA COMPANY NEWS & ADVERTiSING SOLUTIONS One company delivers it all. 3555 Duchess Drive Denton, TX 76202940-387-3811 P.O. Box 369 NancE OF PUBLiC HEARING Publication(s): Denton Record-Chronicle Legaq Dahn Pak Fadhty CoInlalkyl (the 'l®!w') wMconduct a puNic hearbtg anAugnt tG, 2022 d 12:Da P.M..by feb:nhlowe ©d88aM inSacbat 4.01 d Rev. PIm, HE&21 Mtb respect ban bsue ef jI;lkjT?!:gIlamENEg:>1u IEA=I$818 s of tax•eI wr@ hwds kI an aggIepIe pIne bd amount not toei&eii 835,CXio,CDa. Thepro aeth of tb BoM wII b her\ed b !in F6bp R8wt\LP©&r8b td peM waItEmtttanO {the Bwower'). toth&£8 & penn $f he wsis ofthe xqui$tbn #td m®kvcBm<>{ a muHW rn:dodtai feldd8vebpnnt b be hwn as thertF;I\f Irt&@©podma©ya7udts aixI' bjgHt at QioHrMy tk PROOF OF PUBLICATION Being duly sworn (s)he is the Publisher/authorized designee of Denton Record-Chronicle, in City of Denton/surrounding areas in continuously and regularly published for a period of not less than Denton County; Newspaper of general circulation which has been one year preceding the date of the attached notice, and that the said notice was published in said newspaper Denton Record-Chronicleon the following dates below: 07/31 /2022 southeast ;oneaiM Boutward and hI.35W FmN3ge Road, Dontm. aMbIt CQtnty.Tex© 7628.Vle &nds MB be iswedpurwant ta fte pregaxs d leTexas hIt;FC FacHty CaWd MtsAct. Local Govermwtt Cale.Ch©!8rW3. VeRoa's TexasCo&.a$am€fged {#tombTIle &xxisae e4Wed tehhated u 'emqx MVhKFfa a qtIdM B&tentH MIdgMt [www to $ein 142 '£FL-MN:jn; 'CaB'}, ’Tho inl+alawror, quo law rw18981 cifIIta DewIW%nt ## be an8onuwwkmfied above The page and irter8seed Fadesare inI&d to partk IRIs in IBWWe h.mary ng#dUg ateles&nEat de–vddpmnt ard theis&ian cod the Boais. To bhthetel@onfererlm, call in to3'f©e at 1,877.7464283, Passcode0235201 +. Qu69bns or rai wsis for adddonal inkxmticn may be tIrecXed to Ms. Sh8rd McC)ade,Tt18 Housing AythoRty of the CiVof D6n ton, 1-225 Wilson St.. Denton, Texas 76205 ors.mdadeOdmtatousingaattDri ty,oem, (printed name mr e-eThand and official sealWitness ’'uu A a(signat’a name of Designee) Notary Public, Denton County, Texj COATS ROSE PC Dn 0781 /2022BARTON OAKS PLAZATERRACE 2 AUSTIN TX 787462700 VIA FORTUNA. SUITE 350 Ad Number: 46865 Price: $75.80