Travis County Commssioners Court
October 8, 2002
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Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation. The
first item of business, -- and filing of applications with the Texas bond
review board for the following applications and take appropriate action.0oç
a, fort branch landing ii located at approximately 5800 north tech any center
-- should we take them all together? B is cherry mountain villas located on
wild cherry drive. C, tech ridgeville last located approximately one-fourth
mile east of interstate 35 between parmer lane and howard lane. And d, shadow
apartments located off of gregg manor road just north of gregg manor road
and highway 290, manor Texas.
>> I’m general counsel to the corporation. Briefly, last
week you were delivered a one-page summary as well as a full copy of the application.
An inducement resolution and agreement to issue bonds for these potential
transactions. This is a reminder, in the past we've -- we get these applications
in for these projects to participate in the -- what we call the lottery at
the bond review board to obtain an allocation of the state's volume cap every
year. As an example, last year we had 21 applications. We've actually closed
two transactions this year and the heatherwilde transaction is scheduled to
close next week. We've had numerous applications get allocation and then for
one reason or another not proceed. This year we only have four as compared
to 21 last year. But I don't know if you want me to briefly talk about each
one or if the backup was enough. For you all's consideration.
>> any questions about the specific ones?
>> david sailing with campbell-hogue is here and they are
putting in for the fort branch west or fort branch ii. We financed the first
phase of that program a couple years ago, and so we have seen that group before
and they've done a good job.
>> let me add that each applicant in this process paid $2,000
of the 11,000 application fee, and we have received the $2,000 from each of
the four applicants.
>> for further requests?
>> yes.
>> do we have reason to be optimistic about positive action
by the state on these applications?
>> what I have heard, at least from local issuers, is that
most local issuers, number of applications is down this year which would increase
everyone's chances in the lottery process. So we expect there would probably
be a smaller number of these particular transactions. The deadline is October
18th to file with the bond review board. Until they are all filed, we don't
really know.
>> so we still need to keep our fingers crossed.
>> yes, sir.
>> okay. I guess we can all -- take these all together. Same
motion, same treatment basically.
>> sure.
>> same finger crossing.
>> yes, sir.
>> move approval.
>> second.
>> any more discussion? Good luck to all the applicants.
All in favor. That passes by unanimous vote. Number 2 is to consider payment
to any baby can agency and take appropriate action.
>> if you will recall, in July of this year, the board approved
a contract with any baby can to provide for a $500,000 to be paid in three
installments. The first installment is due October 15th for 1 -- for $166,667.
And any baby can has submitted an invoice and has complied with all the provisions
of the contract. So I do recommend approval of -- and requesting permission
to pay the invoice.
>> move approval.
>> second.
>> any reason why this should not be approved?
>> not in my opinion.
>> any more discussion? All in favor? That passes by unanimous
vote.
>> move adjourn.
>> second.
>> all in favor?
That passes by unanimous vote also.
Last Modified: Wednesday, April 2, 2003 10:25 AM