Resolution No. 2021-9-3(R): To approve, for the purposes of Section 147(f) of the Internal Revenue Code of 1986, the issuance and sale of multifamily housing revenue bonds by the Plano Public Facility Corporation for the purpose of lending the proceeds to K Avenue Lofts, LLC., a Texas limited liability company, in the maximum principal amount of $19,000,000 for the acquisition and construction of the K Avenue Lofts located at 2505 K Avenue and 1005 E. Park Boulevard, Plano, Texas, and declaring an effective date. Adopted

On February 22, 2021, City Council approved Zoning Ordinance No. 2021-2-19 for K Avenue Lofts located at 2505 K Avenue and 1005 E. Park Boulevard. On March 22, 2021, City Council provided a Resolution of No Objection (Resolution No. 2021-3-3), thereby allowing a project financing application to be submitted to the Texas Department of Housing and Community Affairs (TDHCA) for 4% housing tax credits.

Section 147(f) of the Internal Revenue Code of 1986, as amended, requires a Tax Equity and Financial Responsibility Act (TEFRA) public hearing to be held when tax-exempt multifamily housing bonds are being provided to a project. The TEFRA hearing serves as a necessary component of the application for 4% housing tax credit financing, as TDHCA must certify that such has taken place prior to approving an application. On Thursday, August 12, 2021, the Plano Public Facility Corporation held a public hearing in accordance with TEFRA requirements at 10:00 AM. No comments were made by the general public. The attached document shows minutes from the public hearing, as well as the required public notice. This resolution is required for the Mayor to certify that Section 147(f) requirements have been met.

This item has no financial impact to the City of Plano.            

Approval of this agenda item supports the City's Strategic Plan Critical Success Factor of Excellent, Innovative, and Accountable City Government.