HomeMy WebLinkAboutResolution - 2023-R0083 - Tax Exempt Multifamily Housing Revenue Bonds - Lubbock Housing Finance CorpResolution No. 2023-R0083
Item No. 5.35
February 14, 2023
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
WHEREAS, the Lubbock Housing Finance Corporation (the "Corporation") is a
nonprofit corporation established for the purpose of providing affordable housing within the City
of Lubbock; and
WHEREAS, the Corporation has proposed to issue of one or more series of tax exempt
multifamily housing revenue bonds in an aggregate face amount of not more than $20,000,000
(the "Bonds"); and
WHEREAS, the Bonds will be issued for the benefit of New Cantibury Pointe, LP, or an
affiliate thereof (the "Borrower"), in connection with the acquisition, rehabilitation and
equipping of approximately 144 multifamily rental housing units located at 1415 N. Knoxville
Avenue, Lubbock, Texas 79415 known as Cantibury Pointe Apartments, all of such units located
in the City of Lubbock, Texas; and
WHEREAS, pursuant to the provisions of Section 147(f) of the Internal Revenue Code
of 1986, as amended (the "Code"), the Issuer has caused to be published a notice of a public
hearing with respect to the issuance of the Bonds and the financing and refinancing of the Project,
and held such a hearing after a reasonable notice on February 8, 2023 (the "TEFRA Hearing");
and
WHEREAS, pursuant to the provisions of Section 147(f) of the Code and State law, the
City Council of the City is the designated "applicable elected representative" authorized to
approve, after the TEFRA Hearing, the issuance of the Bonds by the Issuer to enable the Bonds
to qualify as tax-exempt obligations under the Code; and
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LUBBOCK, TEXAS:
Section 1. THAT the City Council, solely for the purposes of Section 147(f) of the Code,
hereby approves the issuance of the Bonds by the Issuer to finance or refinance the Project for
the benefit of the Borrower.
Section 2. THAT the foregoing approval is given in accordance with the provisions of
Section 147(f) of the Code and for no other purposes and is not to be construed as a financial
undertaking by the City. The Bonds shall not constitute a liability, indebtedness, or an obligation
of the City, nor shall any of the assets of the City be pledged to the payment of the Bonds.
Section 3. THAT the Mayor of the City of Lubbock is hereby authorized and directed to
execute for and on behalf of the City of Lubbock a Certificate of Approval for Issuance of Tax -
Exempt Multifamily Housing Revenue Bonds, and all related documents. Said Certificate of
Approval is attached hereto and incorporated in this Resolution as if fully set forth herein and
shall be included in the minutes of the City Council.
Passed by the City Council on the 14th day of February , 2023.
Page 1 of 2
ATTEST:
Reb ca Garza, City Secr t
APPROVED AS TO CONTENT:
D. u Ko (elich, Chi nancial Officer
APPROVED AS TO FORM:
Amy Sirgs)Deputy City
Page 2 of 2
GENERAL AND NO LITIGATION CERTIFICATE OF THE CITY OF LUBBOCK
We hereby certify that we are duly elected or appointed and acting officers of the City of
Lubbock, Texas (the "City"). We do hereby further certify that:
1. This Certificate is for the benefit of the Attorney General of the State of Texas (the
"Attorney General") and all persons interested in the validity of the proceedings of The Lubbock
Housing Finance Corporation (the "Corporation ") related to the issuance by the Corporation of
its multifamily housing revenue bonds entitled "The Lubbock Housing Finance Corporation
Multifamily Housing Revenue Bonds (Cantibury Pointe Apartments)" issued in one or more
series (the "Bonds").
2. The City Council (the "Governing Body") of the City authorized the membership of
the City in the Corporation, a joint housing finance corporation created pursuant to the Texas
Housing Finance Corporations Act, Chapter 394, Local Government Code, as amended (the
"Act"), and approved the Articles of Incorporation and Bylaws of the Corporation (and all
amendments thereto).
3. The City has appointed Tom Couture, Dwight Overton, Paul Dannevik, Vickie
Noyola-Al Souki, Nicholas Bergfeld, Ty Craft and Carl Russell to act as members of the board of
directors of the Corporation. Each individual is a resident of the City which is the member of the
Corporation.
4. The Governing Body has taken no action pursuant to the Act, including
Section 394.016(c) thereof, or otherwise, to limit the effectiveness of the resolution authorizing
the issuance of the Bonds or in any way affecting the proceedings relating to the issuance of the
Bonds.
5. The Governing Body has not created any other Corporation that currently has the
power to make home mortgages or loans to lending institutions, the proceeds of which are to be
used to make home mortgage or loans on residential developments.
6. No litigation is pending, or to our knowledge threatened, in any court in any way
affecting the existence of the Corporation or seeking to restrain or to enjoin the issuance, sale or
delivery of the Bonds, or in any way contesting or affecting the validity or enforceability of the
Bonds or the financing documents to which the Corporation is a party, or contesting in any way
the completeness or accuracy of any disclosure document prepared in connection with the
issuance of the Bonds, or contesting the powers of the Corporation or its authority with respect to
the financing documents to which it is party.
7. Each of the undersigned officers of the City hereby certifies that he or she is the duly
elected or appointed incumbent of the office appearing below his or her signature and that the
signature of the other officer appearing below is the true and correct signature of such person.
8. The Attorney General of the State of Texas is hereby authorized and directed to date
this certificate concurrently with the date of his approval of the Bonds and this Certificate shall
General and No Litigation Certificate (Cantibury Pointe) 4871-7958-5614 Q
2307353
be deemed for all purposes to be accurate and correct on and as of that date and on and as of the
date of the initial issuance and delivery of the Bonds to the initial purchasers thereof.
9. By his or her signature hereto, the undersigned representative of the Governing
Body assumes no liability whatsoever with respect to the Bonds. The Bonds are not an
indebtedness of the Governing Body or the City and the Governing Body and the City shall have
no liability therefor.
[Remainder of Page Intentionally Left Blank]
EXECUTED AND DELIVERED AS OF THE DATE SET FORTH BELOW.
CITY OF LUBBOCK, TEXAS
Lo
ATTEST
By
tbupmyj CityClerk
DATED:
[TO BE DATED BY ATTORNEY
GENERAL OF THE STATE OF TEXAS]
CERTIFICATE OF APPROVAL
FOR ISSUANCE OF TAX-EXEMPT MULTIFAMILY HOUSING REVENUE BONDS
I, the chief elected executive officer of the City of Lubbock, Texas, elected at -large by
the voters of the City of Lubbock, Texas, make this certificate solely to satisfy the requirements
of Section 147(f) of the Internal Revenue Code of 1986, as amended, with respect to the
proposed issuance of one or more series of tax-exempt multifamily housing revenue bonds by
The Lubbock Housing Finance Corporation (the "Corporation ") in an aggregate face amount of
not more than $20,000,000 (Cantibury Pointe Apartments) (the "Bonds"). The Bonds will be
issued for the benefit of New Cantibury Pointe, LP, or an affiliate thereof (the "Borrower"), in
connection with the acquisition, rehabilitation and equipping of approximately 144 multifamily
rental housing units located 1415 N. Knoxville Avenue, Lubbock, Texas 79415 known as
Cantibury Pointe Apartments, all of such units located in the City of Lubbock, Texas (the
"Development"). The Borrower or Cantibury Pointe Lubbock, LP, an affiliate of the Borrower,
will own the Development and the land on which the Development is located.
A public hearing was held on behalf of the City of Lubbock, Texas, by Shari Flynn, the
designated hearing officer, as described in the attached Certificate of Hearing Officer. As the
"applicable elected representative" of the City of Lubbock, Texas, I approve the issuance of the
Bonds in the amount and for the purpose described above.
This approval is not: (1) a warranty by the City of Lubbock, Texas, the Mayor of the City
of Lubbock, Texas, or of any agency, political subdivision, or instrumentality of the State of
Texas that the Bonds will be paid or that any of the obligations assumed in connection with
issuance of the Bonds will in fact be performed; (2) a pledge of the faith and credit of the State of
Texas or of any agency, political subdivision, or instrumentality the State of Texas; or (3) a
warranty of the validity of the corporate existence of the Corporation or of the Bonds themselves.
IN WITNESS WHEREOF, I have officially signed my name in the City of Lubbock, Texas,
on the date set forth below.
iy Payne, Mayor
of Lubbock, Texas
Dated: February 14 92023
Tefra Approval Certificate (Cantibury Pointe) 4873-3090-8238 v2
2307353
CERTIFICATE OF HEARING OFFICER
I, the undersigned, acting as hearing officer (the "Hearing Officer"), do hereby make and
execute this certificate for the benefit of all persons interested in the proposed issuance of The
Lubbock Housing Finance Corporation Multifamily Housing Revenue Bonds (Cantibury Pointe
Apartments) to be issued in a principal amount not to exceed $20,000,000 (the "Bonds") for the
benefit of New Cantibury Pointe, LP, or an affiliate thereof, in connection with the acquisition,
rehabilitation and equipping of approximately 144 multifamily rental housing units located at 1415
N. Knoxville Avenue, Lubbock, Texas 79415 known as Cantibury Pointe Apartments, all of such
units located in the City of Lubbock, Texas (the "Development").
I hereby certify as follows:
1. That I am the duly appointed Hearing Officer for the public hearing that was held on
February 8, 2023, at 10:30 a.m. Central time telephonically whereby all interested persons could
monitor and participate in the hearing by calling (877) 853-5247 (a toll -free telephone number)
and entering 802-469-2463, followed by a pound key (#), in connection with the issuance of the
Bonds.
2. That notice of the public hearing was published no less than 7 days before the date of
the public hearing in a newspaper or newspapers of general circulation available to residents of
Lubbock, Texas, as described in Exhibit A attached hereto; the notice included the date, time and
place of the public hearing, the location, a description of the Development and the maximum
aggregate principal amount of the Bonds.
3. That all interested persons appearing at the public hearing were given an opportunity
to comment on the proposed issuance of the Bonds and the Development. The names and
comments of all interested persons appearing at the public hearing, if any, are set forth in Exhibit A
attached hereto.
4. That after giving all interested persons an opportunity to attend the hearing
telephonically by dialing into the toll -free telephone conference line number noted above and
comment, the public hearing was declared closed.
5. That copy of the Affidavit of Publication of Notice of Public Hearing is set forth in
Exhibit B attached hereto.
[Remainder of Page Intentionally Left Blank]
Certificate of Hearing Officer (Cantibury Pointe) 4861-2222-7790 v2.docx
2307353
WITNESS MY HAND this 8th day of February, 2023.
7
Shari Flynn, Hearing Officer
EXHIBIT A
MINUTES OF PUBLIC HEARING
A public hearing was held by The Lubbock Housing Finance Corporation (the "Issuer")
telephonically whereby all interested persons could monitor and participate in the hearing by
calling (877) 853-5247 (a toll -free telephone number) and entering 802-469-2463, followed by a
pound key (#), on February 8, 2023, beginning at 10:30 a.m. Central time.
The hearing was held with respect to the proposed issuance by the Issuer of not to exceed
$20,000,000 of its Multifamily Housing Revenue Bonds (Cantibury Pointe Apartments) (the
"Bonds") in satisfaction of the requirements of Section 147(f) of the Internal Revenue Code of
1986, as amended, regarding the public approval prerequisite to the excludability of the interest on
the Bonds from gross income for federal income tax purposes.
The Notice of Public Hearing published in the Lubbock Avalanche -Journal on February 1,
2023 indicated that the proceeds of the Bonds will be used to finance the acquisition, rehabilitation
and equipping of Cantibury Pointe Apartments (the "Development"), located within the
geographic limits of the City of Lubbock, Texas, by New Cantibury Pointe, LP, or an affiliate
thereof (the "Borrower").
Present at the hearing on behalf of the Issuer were Shari Flynn, the hearing officer for the
Issuer (the "Hearing Officer"), Ryan J. Bowen and Nora O'Brien of Chapman and Cutler LLP,
bond counsel to the Issuer and Sam Rogers and Corey Stark of Birge & Held, an affiliate of the
Borrower.
The Hearing Officer called the meeting to order and asked if there were any interested
persons present who wished to express their views with respect to the issuance of the Bonds, or
the Development being financed.
No one expressed an interest to speak.
Whereupon the Hearing Officer closed the public hearing at 10:45 a.m.
EXHIBIT B
AFFIDAVIT OF PUBLICATION OF NOTICE OF PUBLIC HEARING
LOCAU10
Austin American -Statesman p0 Box 631667 Cincinnati, OH 45263-1667
Amarillo Globe -News
Lubbock Avalanche -Journal
PROOF OF PUBLICATION
Gus Egloff
Miller Advertising - Legal
9093RdAVE# 15
New York NY 10022-4745
STATE OF WISCONSIN. COUNTY OF BROWN
The Avalanche-Joumal, a daily newspaper of general circulation in
the counties of: Cochran, Crosby, Dawson, Floyd, Gaines, Garza,
Hale, Hockley, Lamb, Lubbock, Lynn, Motley, Terry and Yoakum,
Texas; printed and published in Lubbock County, Texas; that the
publication, a copy of which is attached hereto, was published in
the said newspaper in the issues dated:
02/01 /2023
Sworn to and subscribed before on 02/01/2023
Order No: 8384016 # of Copies:
Customer No: 742969 1
PO #: R1300007
THIS IS NOT AN INVOICE!
Please do not use this form for payment remittance.
AMY KOKOTT
Notary Public
State of Wisconsin
i = Page 1 of 1
THE LUBBOCK HOUSING FINANCE CORPORATION
NOTICE OF PUBLIC HEARING
In accordance with Section 147(Q of the Internal Revenue Code of 1986, as amended (me "Code ),
notice is hereby given that The Lubbock Housing Finance Corporation (the "Coiporadonj will hold a
public hearing telephonically at 10:30 a.m. Central time on Wednesday, February 8, 2023. All persons
interested may monitor and participate in the hearing by calling (877) 853-5247 (a toll -free telephone
number) and entering 802-469.2463, followed by a pound key (N) promptly at 10:30 a.m. Central time
on February 8, 2023. The Corporations designated hearing officer will conduct the hearing on behalf of
the City of Lubbock, Texas (the "Sponsoring Political Subdivision ).
The purpose of the hearing is to provide residents of the Sponsoring Political Subdivision an
Bonto comment on the o��e�nontiNot
Bonds to be issued In one or more series Ian aggregate Multifamily
o more than $20,000,000. The Bonds will be issued for the benefit of New Cadbury Pointe, LP, or an affiliate
thereof (the "Borrowed, to finance a portion of the costs In an amount not to exceed $20,000,000 of
the acquisition, rehabilitation and equipping of approximately 144 multifamily housing units located
at 1415 N. Knoxville Avenue, Lubbock, Texas 79415 (the "Oevelopmentl. The Borrower or Cadbury
Pointe Lubbock, LP, an affiliate of the Borrower, will own the Development and the land on which the
Development is located.
The Bonds will be limited obligations of the Corporation, payable solely from the revenues, receipts
and resources of the Corporation pledged totheir payment The Bondswill notconstitute an Indebtedness
orobligation of the Sponsoring Political Subdivision (oranyotherciy, oountyorother municipal or political
corporation or subdivision of the State of Texas) orof the State of Texas, or a loan of cred8 of any of them,
within the meaning of any constitutional or statutory provision.
All Interested persons are invited to attend the hearing telephonically by dialing Into the toll -free
telephone conference line number noted above and will be given the opportunity to express their views
on the proposed issuance of the Bonds at a designated point in the public hearing. Questions or written
comments may be submitted toThe Lubbock Housing Finance Corporation no leterthan 4:00 p.m. Central
time on February 7, 2023 via e-mail at snynn@lubbockhousing.com or at 3212 Avenue 0, Lubbock,
Texas 79411, Attention: Shad Flynn at (806) 745-9559.
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