Travis County Commissioners Court
October 12, 2004
Housing Finance Corporation
Now let's call to order Travis County housing finance corporation. 1. Approve
minutes of board of directors meeting of July 27, 2004.
>> so moved.
>> second.
>> all in favor? That passes by unanimous vote. 2. Consider
and take appropriate action regarding request to approve resolution prescribing
the form and substance of an agreement to issue bonds, authorizing the execution
of such agreement and containing other provisions relating to: lawyers have
been at work, haven't they, mr. Davis? A. $15,000,000 multifamily housing
revenue bonds (tuscany apartments million. 15 million. You said thousand.
>> mr. Davis, has been at work, also. 15 million. Not thousand.
What's a about?
>> I’m sorry?
>> what's 2 a about? Don't let me surprise you. I thought
we would take them a, b, c, one at a time.
>> I’m sorry. I don't have --
>> tuscany.
>> tuscany is the project that is close to samsung at the
northeast portion of the property at braker lane, samsung boulevard. Proposed
unit size is -- proposed number of units is 232 units. Just real briefly in
all three of these, a, b, c, this is preliminary resolution to approve bonding
with the revenue board. If they get the state volume cap, the borrowers and
developers would then put together a project and a financial package and come
back for approval. This is still one of those -- this is the time of year
when we get those -- the applications to be put into the lottery.
>> it is for those reasons that I move approval of 2 a.
>> second.
>> discussion? All in favor? That passes by unanimous vote.
2 b, $15 million multi-family housing revenue bonds (stone creek canyon apartments);
move approval for the same reasons.
>> yes, sir. This one is located on slaughter lane. And it
would be the size of approximately 252 units.
>> undeterred, I stick with my motion to approve.
>> second.
>> discussion? All in favor? That passes by unanimous vote.
C. $15,000,000 multifamily housing revenue bonds (stone creek reserve apartments).
>> i'll be quiet if you want me to. [laughter]
>> I move approval anyways. Staying quiet won't cost you
a vote.
>> second.
>> these are multi-family units that --
>> yes, sir. This is across the street on slaughter lane,
also approximately 252 units and -- any more --
>> any more discussion?
>> let me add on all three of these that the entity is a
chodo entity. And meaning that they are non-profit housing organization. So
they would be applying for -- for some property tax abatement.
>> chodos are not 100% [multiple voices]
>> weren't they eliminated during the first year, in January.
>> the 100% exemption has been eliminated, it's now a maximum
of 50%. And I think one of the thoughts these would all three be new construction
so the tax base would actually be increased even though there would be a 50%
tax abatement. But that's obviously the decision that -- that would be made
later.
>> yeah. So I guess my question, though, is -- is when --
if this application goes through and they are maybe the one chosen in the
lottery, it does come back before the Commissioner, before us board, at that
time do we look at this as a chodo, or would it be at the discretion of the
court, the members here of the board to approve that format, formation as
far as the chodo versus the non-, to make sewer that the tax exempt status
is not implemented, applicable. Is that still -- that's still an option because
I have really serious problem with tax breaks, tax exemptions on those properties
that -- that will not be allowed to participate in that tax base.
>> it will have to come back before the this board, on several
more occasions, before we finally approve the bonds. This would be a structure
similar to the one that closed in early August at rose mont at old manor,
that transaction as opposed to one of the transactions that we had which were
-- which have not done very well in terms of purchasing existing properties
like chodos.
>> it would -- would it be good to know, I guess in the future
-- I would like to really press this issue -- anyone that comes in apply for
these type of bonds, bonding, an application process, what we are doing here
today, if they are definitely seeking chodo status that will allow those tax
exemptions to be implemented, on that property, of course, I would really
want you to let us know that.
>> sure.
>> I mean by all means, please do.
>> we'll --
>> for sure. If these properties do get allocation from bond
review board, that will be in the first memo that comes back describing what
the transaction is.
>> thank you very much.
>> sure.
>> any more discussion? All in favor? That passes by unanimous
vote. We announce that director Gomez is an September for the entire meeting
of the housing finance corporation. Okay.
>> second.
>> all in favor? That passes by unanimo vote.
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Last Modified: Wednesday, October 26, 2005 3:35 PM