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Home My WebLink AboutResolution - 2004-R0278 - Approval Of Proposed Ownership - University Plaza - 06/09/2004RESOLUTION Resolution No. 2004-R0278 June 9, 2004 Item No. 50 WHEREAS, the City of Lubbock approved the creation of the Lubbock Educational Facilities Authority, Inc., a Texas nonprofit corporation by Resolution No. 6220, February 25, 1999, for the purpose of aiding institutions of higher education in providing educational or housing facilities; and WHEREAS, pursuant to the grant of authority under Section 55.34(a) of the Texas Education Code, as amended, Lubbock Educational Facilities Authority, Inc. may issue revenue bonds to make a loan to the borrower, On Track Ministries, Inc., a 501 ( c )(3) Texas nonprofit corporation, for the acquisition (for the benefit of South Plains College), the renovation and the repair of University Plaza, 1001 Universify Avenue, Lubbock, Lubbock County, Texas, a housing facility for students attending Texas Tech University and participating in the South Plains Coliege Gateway Program; and WHEREAS, University Plaza is located within the corporate limits of the City of Lubbock; and WHEREAS, the South Plains College Board of Regents approved the resolution (attached as Exhibit A and incorporated herein as if fully set forth) which requests that the Lubbock Educational Facilities Authority, Inc. issue 30-year term revenue bonds to finance the acquisition and ownership of University Plaza by On Track Ministries, Inc., a 501 ( c )(3) Texas nonprofit corporation, for the benefit of South Plains College; and WHEREAS, South Plains College has agreed to accept and has authority to receive legal title to University Plaza not later than May 1, 2034, when the revenue bond obligation issued to acquire the facility is paid in fulI; and WHEREAS, this resolution is presented to the City of Lubbock in accordance with Section 53.33(a)(4) of the Texas Education Code, as amended, which requires that the ownership of the facility by the nonprofit instrumentality must be approved by official action of the governing bodies of the city that created the authority, the school district in which the facility is located, and the county in which the facility is located; NOW THEREFORE, Resolution -University Plaza Ownership 1 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: 1. That solely for the purposes of TEX. En. CODE § 53.33(a)(4)(A), the City of Lubbock preliminarily approves the proposed ownership of University Plaza by On Track Ministries, Inc., a Texas nonprofit corporation for the benefit of South Plains College; and 2. That final approval of such ownership will be subject to the following conditions: a. The Council shall be furnished with such legal opinions, certificates, and other information which shall satisfy the Council that the ownership of University Plaza by On Track Ministries, Inc. shall not result in either (1) the exemption of such property from ad valorem taxation by the City or (2) . the abatement of taxes which would otherwise be applicable to the property unless other provision is made to compensate the City for the loss ofsuchtaxrevenue;and b. Such other conditions as the City may deem appropriate. 3. That this resolution is not to be deemed an approval or disapproval of the issuance of bonds by the Lubbock Educational Facilities Authority, Inc. or of the project for TEFRA purposes. Passed by the City Council this 9th day of June , 2004 £~MAYOR ATTEST: d;);cca Garza, City S~ APPROVED AS TO CONTENT: ti fry~ Andy Burcham, Cash I Debt Manager APPROVED AS TO FORM: --(·.-~ ~c~~--- Linda L. Chamales, Supervising Attorney LUccdoc/ Res-University Plaza-alternate June9, 2004 Resolution -University Plaza Ownership 2 { \ .... ( Resolution No. 2004-R0278 RESOLUTION PERTAINING TO GATEWAY PROGRAM AND UNIVERSITY PLAZA This Resolution has been presented to, and approved by the Board of Regents of South PlaiDS College ("SPC''), a public junior college certified by the Texas Higher Education Coordinating Board in accordance with Subdivision (8) of Section 61.063 of the Texas Education Code, as amended. and an institution of higher education as defined by Section 53.02{5)(i), Texas Education Code, as am.ended. WHEREAS. SPC has actively collaborated with Texas Tech University in the implementation of a program popularly known as the .. Gateway" Program; • WHEREAS, students enrolled in the Gateway Program have received credits which count toward degrees at South Plains College and accommodate those who subsequently become enrolled at Texas Tech University; WHEREAS, the use of facilities to implement the Gateway Program have heretofore included classrooms, offices and attendant facilities, but there has been no concerted effort to acquire the use of student housing facilities whose foremost purpose would be to have students involved with the Gateway Program; WHEREAS, University Plaza is a private student housing facility located at 1001 University Avenue, Lubbock, Texas, currently configured to provide approximately 536 residential units; WHEREAS. the Owners of University Plaza have requested that the Board of Regents of South Plains College officially request a non-profit instrumentality created under Section 53.35(b). Texas Education Code, as amended, to finance. acquire and own University Plaza for the benefit of South Plains College. THEREFORE, BE IT RESOLVED BY THE BOARD OF REGENTS OF SOUTH PLAINS COLLEGE, AS FOLLOWS: I. All of the facts set forth in the Premises of this Resolution are true and correct 2. South Plains College, acting by and through its duly authorized officers, shall officially request Lubbock Educational Facmties Authority, Inc. to finance University Plaza on tenns and conditions which specifically do not create any liability on South Plains CoJlege for the repayment of any portion of the financing or payment of any of the costs incident to the financing. acquisition or operation of University Plaza. South Plains College agrees to accept University Plaza, no later than the date on which any bonds or other obligations issued to acquire University Plaza are paid in full. · 3. South Plains College agrees to cooperate with the Owners of University Plaza in obtaining the nccessazy approvals as prescribed by Section 53.33(a), Texas Educational Code as Amended, for the .financing of the acquisition of University Plaza. The Owners of University J t. Plaza shall pay all costs incurred by South Plains College with regard to implementation of the finance plan previously presented to South Plains College. Costs incident to the review and approval of the matters addressed in this Resolution and matters which occur after the effective date of this Resolution, shall be promptly invoiced to the Owners of University Plaza and paid to South Plains College within IS days of receipt of the invoice. BOARD OF REGENTS OF SOUTH PLAINS ~w:?!?~ Charles Miller, Secretary Mike Box, Chairman { '- CERTlfICATE FOR RESOLUTION PERT.AININGTOGATEWAYPROGRAM AND UNIVERSITY PL~ 1JiE STA TE OF TEXAS . COUN1Y OF HOCKLEY The undersigned officer of the Board ofR.:.gents of South PJains College hereby cenifies as follows: I. _The Board ~fRegents of South Plains College convened in a special meeting on the _day of , 2004> at the desjgnated meeting place. and the roll was called ofl:he duly constituted officers and members of the Board, to wit: Mike Box Charles Miller Alton "Pete" Pettiet Dennis Patton William Clements Bobby G. Neal Jim Montgomezy Chairman Secretary Regent Regent Regent Regent Regent All mernben of the Board of Regents we.re presen~ thus constituting a quorum. Whereupon among other business, the Resolution Pertaining To The Gateway Program And University Plaza was introduced for the consideration of the Board. It was then duly moved and seconded that the Resolution be adopted, and, after due discussjon. the motion, carrying with it the adoption of the Resolution prevailed and carried by majority vote of the Board. 2. A true, full and correct copy of the Resolution adopted at the meeting described in the above paragraph is attached to this certificate; the Resolution has been duly recorded in the Board•s minutes of the meeting, the persons named in the above and foregoing paragraph arc the duly chosen, qualified and acting officcn and members of the Board as indicated therein, each of the officers and members of the Board was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the aforesaid meeting, and that the Resolution would be introduced and considered for adoption at the meeting, and each of the officers and members consented, in advance to the holding of the meeting for such pmpose; the meeting was open to the p~blic as required by law; and public notice of the time; place and subject of the meeting was given as required by Chapter 551 of the Government Code. SIGNED AND SEALED this i_ day of fi ~ • 2004 . •