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HomeMy WebLinkAboutPR 24669: APPROVING A PLAN OF FINANCE FOR THE ISSUANCE OF REVENUE BONDS BY THE HOUSING AUTHORITY OF THE CITY OF PORT ARTHUR P.R. No. 24669 11/20/2025 gt RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT ARTHUR APPROVING A PLAN OF FINANCE FOR THE ISSUANCE OF REVENUE BONDS BY THE HOUSING AUTHORITY OF THE CITY OF PORT ARTHUR TO FINANCE A QUALIFIED RESIDENTIAL RENTAL PROJECT FOR THE BENEFIT OF FOOTHILL AFFORDABLE HOUSING FOUNDATION, INC. OR ITS AFFILIATES, AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, Foothill Affordable Housing Foundation, Inc., a Delaware corporation ("FAHC"), or another ownership entity or entities (such corporation or other ownership entity, the "Borrower") to be created by FAHC, has requested that the Housing Authority of the City of Port Arthur (the "Authority") undertake a proposed plan of finance that includes the issuance by the Authority of one or more series of revenue bonds in an outstanding principal amount not to exceed $70,000,000 (the "Bonds") to finance the acquisition, rehabilitation, improvement and equipping of qualified residential rental projects (collectively, the "Project") to be leased and operated by the Borrower and located at 2555 95th Street, within the City of Port Arthur, Texas (the "City"); and WHEREAS, an "applicable elected representative" of the jurisdiction in which the Project is to be located is required to approve the proposed plan of finance for the Project under Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, the City Council of the City of Port Arthur (the "City Council") is the elected legislative body of the City and is an "applicable elected representative" for purposes of Section 147(f) of the Code; and WHEREAS, the Authority has advised that the Bonds may be issued pursuant to a plan of finance to issue an original issue of Bonds in one or more series under applicable legal requirements, all in an aggregate principal amount not to exceed $70,000,000 outstanding at any one time, and all to provide long term financing of the Project; and WHEREAS, the Authority has requested that the City Council approve the proposed plan of finance in order to satisfy the public approval requirement of Section 147(f) of the Code; and WHEREAS, pursuant to Section 147(f) of the Code, the Authority has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires the City Council to approve the proposed plan of finance for the Project. NOW,THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR, TEXAS: Section 1. That the foregoing recitals are true and correct. Section 2. That the City Council hereby approves the proposed plan of finance to issue one or more series of revenue bonds for the Project in an outstanding principal amount not to exceed $70,000,000. It is the purpose and intent of the City Council that this resolution constitute approval of the proposed plan of finance for the Project for the purposes of Section 147(f) of the Code by the applicable elected representative of a governmental unit having jurisdiction over the area in which the Project is to be located, in accordance with said Section 147(f). Section 3. That the officers of the City are hereby authorized and directed,jointly and severally, to do any and all things and to execute and deliver any and all documents that they deem necessary or advisable in order to carry out, give effect to, and comply with the terms and intent of this resolution and the financing transaction approved hereby. Section 4. That the City Secretary shall forward a certified copy of this Resolution to the Authority in care of its counsel: E. Steve Bolden II, Esq. Troutman Pepper Locke LLP 2200 Ross Avenue, Suite 2800 Dallas, Texas 75201 Section 5. That this resolution shall take effect immediately upon its adoption. Section 6. That a copy of the caption of this Resolution be spread upon the Minutes of the City Council. READ, ADOPTED AND APPROVED on this day of December, A.D., 2025, at a Regular Meeting of the City Council of the City of Port Arthur, Texas, by the following vote: AYES: Mayor: Councilmembers: NOES: • Charlotte M. Moses, Mayor ATTEST: Sherri Bellard City Secretary APPROVED AS TO FORM: Roxann Pais Cotroneo City Attorney APPROVED FOR ADMINISTRATION: Ronald Burton, CPM City Manager 11/21/25, 10:32 AM Jefferson County .„ ., , , ,- ., r ,. , JEFFERSON COUNTY ,., i-,,,,x N, Shopping Cart • ' Property Tax Balance Begin a New Search Make your check or money order payable to: Jefferson County Tax Office PO BOX 2112 BEAUMONT, TX 77704-2112 Shopping Cart: For your convenience you may pay several accounts at once. Click the 'Click Here to Pay Now' button to add this account to the shopping cart. Additional accounts can be added by doing a search again, then clicking the 'Click Here to Pay Now'button for each account. Up to S0 accounts may be paid at one time. Accounts are not saved in the shopping cart after you go to the Certified Payment web site. Unless otherwise noted, all data refers to tax information for 2025. All amounts due include penalty, interest, and attorney fees when applicable. Account Number: 30024000000235000000 Pending Credit Card or eCheck Payments: No Payment Pending Address: IRG WILLOW LLC Cick Here to Pay Now 180 VARICK ST STE 1100 NEW YORK, NY 10014 Property Site Address: Market Value: $43,500,599 2555 95TH ST 77640 Land Value: $1,129,032 Legal Description: Improvement Value: $42,371,567 ABST 240 TR 27 T& NO # 15 18.919 AC Capped Value: $0 Current Tax Levy: $1,060,685.55 Agricultural Value: $0 Current Amount Due: $1,060,685.55 Exemptions: None Prior Year Amount Due: $497,028.03 Taxes Due Detail by Year and Jurisdiction Total Amount Due: $1,557,713.58 Payment Information Last Payment Amount for Current Year Taxes: Not Received Print Payment Record Last Payer for Current Year Taxes: Not Received Current Tax Statement https://actweb.acttax.com/act_webdev/jefferson/showdetail2.jsp?can=30024000000235000000 1/2 11/21/25, 10:32AM Jefferson County Last Payment Date for Current Year Taxes: Register to Receive Electronic Tax Statements Not Received Active Lawsuits: None Active Judgments: None Click Here to see your estimated amount due for a different date. 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CD m v (7D m acn 5 M � 0 � cu m � ° m °) N cmi D m m m D (p m a o Qv� o 7 ° m 3 - aS 5a o mo W c °? mC' g - m 0 0 � 07 (D ?, 0 03Oo mm �, � mc7) m � -i <. rt. a 7 r* = g O c 7 (p C m "`< 7 m p- O n m cji o v (,7 (n F 7 m m (n m O_ ,Y N cm 7 v am C o m,< 7- 0 m 7 K �, N 7' m -„ K ° , oar) m O 7 (li m- - 3 c O m • cu N d m (n o o ° (D C Gi 1 � C rr C QO m 7 , 5 (n e+ K -s 7 - 3 m O (n O C ° n T (D o � o 9 o 5' w v (10 a. o og o was � off. 0) C n CD CD o 0 o CD C) v 0 Z7 m r m cn m 0 c -o The proceeds of the Bonds will be loaned by the Issuer to the Borrowers, pursuant to the Loan Agreement. The proceeds of the Bonds will be applied by the Borrowers for the purpose of(i) financing the cost of the acquisition by the Borrowers of their respective interests in the related Project through a deposit to the Project Acquisition Fund; (ii) financing the cost of certain capital improvements for the Facilities through a deposit to the Capital Expense Fund; (iii) funding deposits into the Senior Debt Service Reserve Fund, the Working Capital Fund, and the Operating Reserve Fund; (iv) paying the fees, costs and expenses incidental to the issuance of the Bonds. Bond Amount Protected Rate Who Sells Who Buys Senior A Bond $39.235.000 4.90% lelterfes Qualified Institutional Buyers(QIBSi Senior A Bond Taxable Tail $1.965.000 5.54% Jeltenes Qualified InstIutIonal Buyers(Q►BS) Subordinate A Bond $12,330.000 7.25% Jettenes Qualified Institutional Buyers(QIBS) Subordinate B Bond $5.950.000 7%current,10%accrued Post Posts investors Total Capital Stack $59,480,000 P.R. No. 24669 I 1