Travis County Commissioners Court
Tuesday, November 29, 2011 (Agenda)
Travis County Housing Finance Corporation
>> > good afternoon.
let's call to order the Travis County housing finance corporation.
one item, consider and take appropriate action to approve transfer of mountain ranch apartments from collier ranch limited partnership to post investment group, l.l.c.
>> good afternoon, andrea shields, corporation manager.
>> good afternoon.
>> essentially what you just read is what we're looking for you to approve and I'll let cliff elaborate a little on the details.
>> just briefly, this is a fairly routine request we get when a project we financed is going to be transferred to another owner.
the documents under the financing require the approval of the issuer, which is you, in order for that to happen this new borrower is post investment group and they will sign an assumption which they agree to the regulatory agreement which sets fort the low and moderate income restrictions and we'll get an opinion of counsel that is enforceable and that the restriction in the regulatory agreement are enforceable against the new buyer of this property.
let's say it's pretty standard and routine process and I would recommend approval unless you have any questions.
>> questions?
>> or concerns.
>> I will let you know that the yearly compliance audit has not been done on this property yet, but I'll make sure that's done in a timely manner.
>> so the -- I guess assumption of all the restrictions, commitments, et cetera, will be contained in what document?
>> there's assignment and assumption agreement that both the seller and the buyer will sign as well as the corporation, which basically tri-party agreement which says they will abide by those restrictions.
>> okay.
move approval.
>> second.
>> discussion on the motion?
all in favor?
that passes by unanimous vote.
>> move we adjourn.
>> second.
>> all in favor?
that passes by unanimous vote.
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