Consideration of a Resolution to approve, for the purposes of Section 147(f) of the Internal Revenue Code of 1986, the issuance and sale of supplemental 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 $5,000,000 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 Resolution No. 2023-6-6(R)

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. In October 2021, the TDHCA Board approved tax credit financing for this development project.

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. On Monday, April 24, 2023, 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 approves the issuance of the Bonds in an amount not to exceed $5,000,000, the proceeds of which will be loaned to the Borrower to finance the costs of acquisition, construction, and equipping of the Project located at approximately 2505 K Avenue and 1005 E. Park Boulevard, Plano, Texas 75074.   

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