City of San Antonio - File #: 20-2814

• File #: 20-2814
• Type: Misc - Financial Services
• In control: City Council A Session
• On agenda: 4/30/2020
• Posting Language: Ordinance approving the issuance by the San Antonio Housing Trust Finance Corporation of its Multifamily Housing Revenue Bonds (Artisan at Parkdale Apartments), Series 2020 (the “Bonds”) for purposes of Section 147 (f) of the Internal Revenue Code and San Antonio Housing Trust Finance Corporation’s organizational documents. An administrative fee of $2,500.00, payable by the the San Antonio Housing Trust Finance Corporation, will be deposited into the General Fund in accordance with the FY 2020 Adopted Budget. [Ben Gorzell, Chief Financial Officer; Troy Elliott, Deputy Chief Financial Officer].

Date	Ver.	Action By	Action	Result
4/30/2020	1	City Council A Session	adopted	Pass

DEPARTMENT: Finance


DEPARTMENT HEAD: Troy Elliott


COUNCIL DISTRICTS IMPACTED: City-wide


SUBJECT:

Approval of financing for purposes of compliance with federal tax law under the Internal Revenue Code and the San Antonio Housing Trust Finance Corporation's organizational documents (Artisan at Parkdale Apartments)


SUMMARY:

This Ordinance approves the issuance by the San Antonio Housing Trust Finance Corporation (the "Issuer") of its Multifamily Housing Revenue Bonds (Artisan at Parkdale Apartments), Series 2020 for purposes of compliance with Section 147 (f) of the Internal Revenue Code and San Antonio Housing Trust Finance Corporation's organizational documents.


BACKGROUND INFORMATION:

Section 147(f) of the Internal Revenue Code (the "Code") requires that the issuance of any private activity bond obligations be approved by the applicable elected representative of the governmental unit in which the Project (defined below) is located after a public hearing following reasonable public notice.
When the City created the Issuer it required that all bonds issued by the Issuer be approved by the City prior to their issuance.
The issuance serves to acquire, construct, and equip an approximately 196-unit multifamily housing facility known as Artisan at Parkdale Apartments (the "Project"). This Project will be financed in part pursuant to the City's Neighborhood Improvement Bond Program. The Council approved the sale of the land to Franklin Development and authorized a contribution from the City, by and through Our SA to pay eligible expenses through the Urban Renewal Plan in an amount not to exceed $4,400,000 in January of 2019. A public hearing with respect to the Project and issuance of the Bonds was held in the City of San Antonio on April 27, 2020 in compliance with Section 147(f) of the Code.


ISSUE:

To meet the requirements of the Code, ARDC Parkdale, Ltd (the "Borrower") has requested that City Council adopt an Ordinance confirming public appro...