Travis County Commssioners Court
September 9, 2003
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Housing Finance Corporation
Now let's call to order the Travis County housing corporation. One item of business, consider results of compliance audit of prime crest and royal crest apartments.
>> good afternoon. I'm harvey Davis, manager for the corporation. In 1990 the corporation issued $5.8 million in bonds for the acquisition of prime crest and royal crest apartments. The apartments are located on north gate boulevard behind what used to be the dell factory outlet. In 2002 the apartments were -- the board approved winston capital, a dallas company, to acquire the apartments. As part of that transaction the bonds were the fee, meaning that the owner deposited sufficient money with the trustee to repay the bonds when the bonds became due. Last month I contacted the management company of this apartment complex to initiate a compliance audit. At that time they told me that they were not -- they were told by the owner that they did not need to continue to do any more compliance work because the bonds were [ inaudible ]. The requirements on the -- for the deed restrictions are that they remain enforce for 15 years or until the bonds are paid off. So they have the remaining lease for 15 years, which would be until 2005, since the bonds were issued in 1990. So I -- what I am requesting that the board approve is to authorize our attorney, cliff blunt, to send a cure letter to the owner, giving them 60 days to regain compliance and to do all the necessary paperwork that is required in the tax regulatory agreement.
>> move approval.
>> second.
>> any more discussion? Cliff knows about this, I take it?
>> yes.
>> he's in disagreement with the recommendation?
>> yes.
>> all in favor? That passes by unanimous vote. Thank you,
Last Modified: Wednesday, September 9, 2003 7:52 AM