Travis County Commissioners Court
Tuesday, August 2, 2011 (Agenda)
Travis County Housing Finance Corporation
Now let's call to order the Travis County housing finance corporation, item number 1, consider and take appropriate action to approve a release of land usury sixth street agreement for hunt club apartments.
>> good afternoon.
audrey shields.
this is in reference to a bond reissued for hunt club apartments back in 1985.
we issued 20,270,000 in bonds.
we were contacted by council for the owner of the apartments a couple of weeks ago, and they have since then closed on a deal to refinance their loan and prepay the bonds.
so the terms of the lara stipulate that once the bonds have been redeemed that the lara terminates.
so they're looking for you all to just sign a release stating that the lura has terminated.
we weren't involved with the closing at all.
extent of our involvement is this lura.
so now that the bonds has been paid off we have a certificate from the trustee stating that there are no bonds out stating on the property, the loan has been refinanced.
they are current on their issuer fees, so there's really nothing for us to do other than sign the release.
>> okay.
are we legally obligated to release?
>> it has sent letters to the owner's counsel stating that.
>> do they have any obligation to remain affordable?
>> I believe everything is staying the same.
the affordability requirements are saying the same.
it's just loant has been refinanced.
>> any other questions?
comments?
move approval of the request.
>> second.
>> discussion on the motion?
all in favor?
that passes by unanimous vote.
2, consider and take appropriate action on the following: a, a letter to hunt club apartments regarding the corporation's annual compliance audit.
and b, an invoice of $500 to the property owner for staff's time.
>> when we were contacted by the counsel a few weeks ago I thought it was a good idea to get the annual compliance out of the way.
we did that and they were within their affordability requirements and everything was clean.
we looked at 30 files, I believe, and everything checked out.
>> ms. Shields, now, the 500-dollar invoice, when we get paid, where does that money go?
>> it goes back into the corporation's account.
>> excellent, excellent.
since you kind of knew, we didn't know whether you knew that or not.
I feel a whole lot better than I have.
>> okay, good.
>> are those new shoes you're wearing?
>> they are not new shoes.
>> [ laughter ] do they look new?
>> [ laughter ]
>> they're from target.
>> [ laughter ]
>> move approval of a and b.
>> second.
>> discussion?
all in favor?
that passes by unanimous vote.
>> move adjourn.
>> thank you very much.
all in favor?
that carries unanimously.
now let's call back to session the voting session of the Commissioners' court.
we did most of our business this morning, but we still have a few items that we need to discuss.
let's see if we can get tnr out of here.
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