Travis County Commissioners Court
Tuesday, July 26, 2011 (Agenda)
Housing Finance Corporation
>> good morning.
let's call to order the Travis County housing finance corporation.
we have a public hearing advertised for 9:00 a.m.
this ought to take us a few minutes, then after this we'll call to order the voting session of the Travis County Commissioners court.
item number 1, receive comments regarding a proposed reissuance of tax exempt bonds for the benefit of the metropolis apartment project, a 308-unit multi-family residential development located at south pleasant valley road.
>> move that the public hearing be open.
>> second.
>> all in favor?
that passes by unanimous vote.
director Eckhardt is out today.
>> good morning.
andrea shields, manager Travis County housing finance corporation.
I have clifton bowling, our counsel, I believe he has a sentence he needs to read.
>> good morning.
this is the public hearing required by the internal revenue code.
notice is published in the Austin american-statesman 14 days ago as required by the internal revenue code.
>> a few years back the corporation authorized the issuance of bonds for this project.
>> that's correct, and if you'll recall, last week you approved the restructure deal, the basically elements are the Travis County housing finance corporation will be paid $35,000 up front at closing.
we will move up the water fall to operating expense for ten years where we will receive $16,450 a year in annual issuers fees.
and then the newest component to that was an additional $50,000 that we will be paid at the sale of the property ten years from now.
>> this public hearing is about the recommendation to restructure.
>> correct.
>> would anyone like to give comments during this public hearing?
if so, please come forward.
this is the housing finance corporation.
move the public hearing be closed.
>> second.
>> all in favor?
that passes by unanimous vote.
we've posted the action item for this afternoon beginning at 1:30.
>> or we can do them now, whichever is --
>> we posted it for 1:30.
cannot do them now.
a productive morning.
now let's recess the housing finance corporation until 1:30 this afternoon.
all in favor?
that passes by unanimous vote.
>> good afternoon, let's call to order the Travis County housing finance corporation.
we did conduct a public hearing this morning at about 9 a.
that was item no.
1.
item no.
2, 2.
consider and take appropriate action on a resolution to approve a proposed reissuance of tax-exempt bonds for the benefit of the metropolis apartment project, a 308-unit multifamily residential development located at 2200 south pleasant valley road.
>> good afternoon.
>> good afternoon again, corporation manager.
I have with me brent the non-profit owner of metropolis apartments.
>> here we go, president and director.
>> thank for you the correction.
>> this morning we held the public hearing on this item, two weeks ago you approved the -- the restructure of the bond deal and we're just kind of looking for your official blessing at this point of -- of the resolution which you have resolution in your backup.
I actually have a -- as of this morning, up to date version, the changes were minimal, dates were changed.
that was pretty much the -- the only correction.
so -- so I can -- I can restate what we're looking for you to approve or --
>> I don't think we need you to do that.
>> okay.
>> so we're just looking for
>> [indiscernible]
>> questions or comments.
Commissioner Gomez moves approvals, judge Biscoe seconds.
any discussion on the motion?
were we able to retain those housing for safe place so far?
>> yes, sir.
five units.
>> okay.
discussion?
all in favor?
that passes by unanimous vote.
thank you very much for coming back.
>> thank you and Commissioners and judge Biscoe, I'll look forward to reporting to you within the next 12 months as to how we're doing and any suggestions that you might have will always be welcome.
>> thank you.
>> we eagerly anticipated the delivery of good news.
>> well and a check
>> [laughter]
>> not good news
>> [indiscernible] take care, good to see you again.
>> thank you.
>> no.
3, consider and take appropriate action on the following: 1.
approve submission of letter to the parks at wells branch parkway apartment project, regarding the corporation's annual compliance audit; and b.
approve submission of an invoice of $500.00 to the property owner for staff's time.
I move approval of a and b.
>> second.
>> discussion on the motion?
by the way, Commissioner Eckhardt is absent today.
or did you make that observation yourself, ms. Porter.
>> I noticed.
>> good.
good.
discussion on the motion?
all in favor?
that passes by unanimous vote.
>> move adjourn.
>> second.
>> all in favor?
that carries unanimously, also.
>> thank you.
>> thank you, ms. Shields.
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