Title
A resolution approving the issuance of tax-exempt obligations by the Mesquite Housing Finance Corporation (MHFC) to finance the acquisition and construction of Wooded Lake Apartments by Wooded Lake Apartments, LTD.
Body
On October 16, 2023, the Mesquite Housing Finance Corporation (MHFC) declared its intent to issue revenue bonds to finance the acquisition and construction of a multifamily residential rental development designated as Wooded Lake Apartments located within the City at or about 1410 Wooded Lake Dr (which address has been updated by the City to 1300 Wooded Lake Dr.), Mesquite, TX 75150.
On June 3, 2024, the Mesquite Housing Finance Corporation conducted a public hearing with respect to the project and obligations to be issued by the MHFC in one or more tax-exempt series in an aggregate principal amount not to exceed $45,000,000.00 to finance a portion of the costs of acquisition and construction of the project.
This resolution satisfies the requirements of Section 147(f) of the Internal Revenue Service Code of 1986, as amended, where it is necessary for the City Council to approve the Bonds and Project after the public hearing by the MHFC has been held.
Recommended/Desired Action
Staff recommends approval of the resolution.
Attachment(s)
Resolution
Drafter
Cindy L. Smith
Head of Department
Cindy L. Smith