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HomeMy WebLinkAboutMIN NOV 14 2006 (BHFC) MINUTES BEAUMONT HOUSING FINANCE CORPORATION Lulu L. Smith,Ward I GUY N. GOODSON, President Nancy Beaulieu,Ward II Andrew P. Cokinos, At-Large Becky Ames, At-Large Audwin Samuel,Vice President,Ward III Bobbie J. Patterson, Ward IV NOVEMBER 14, 2006 The Beaumont Housing Finance Corporation of the City of Beaumont, Texas, met in a regular session on November 14, 2006, at the City Hall Council Chambers, 801 Main Street, Beaumont, Texas, at 1:30 p.m. to consider the following: CALL TO ORDER Roll Call President Goodson called the meeting to order at 2:45 p.m. Present at the meeting were President Goodson, Vice President Samuel, Directors Smith, Beaulieu, Ames and Patterson. Also present were Tom Warner, Public Works Director; Joe Sanders, Assistant City Attorney; Rose Ann Jones, City Clerk. GENERAL BUSINESS 1. PUBLIC HEARING: Receive comments from the public in connection with the proposed issuance of revenue bonds for the financing of the Maple Glenn Apartments located at 3465 South 4th Street in Beaumont, Texas Public Hearing was called to order at 2:45 p.m. Lance Fox, with the law firm of Orgain, Bell and Tucker, special council to the Beaumont Housing Corporation addressed the Council. On August 9, 2005, the Beaumont City Council, sitting as Board of Directors of the Beaumont Housing Finance Corporation, passed an inducement resolution indicating its willingness to issue revenue bonds to finance the proposed improvements to the Mable Glen Apartments (Pear Orchard Plaza) located at 3465 South 4th Street in Beaumont, Texas. The reason for the delay in the processing of this application is that the Maple Glen Partners, LLC, have since made application for housing tax credits for tax exempt bond financing through the Texas Department of Housing and Community Affairs. The partners are now wanting to move forward with bond financing from the Beaumont Housing Corporation. The Internal Revenue Code requires that the Beaumont Housing Finance Corporation, as the proposed issuer of the revenue bonds, conduct a public hearing to receive comments in connection with the proposed issuance of the bonds. A Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing was held on September 13, 2005. Due to the lapse in time, another public hearing was recommended. There was no need to take action on this item at this time. George Newberry, representing Maple Glenn Partners, LLC., provided an update. The project was delayed from the original dates due to Hurricane Rita but is now moving forward. The project is Minutes-September 13,2005 now on the Texas Department of Housing and TDHCA agenda for December 12 for their approval and expect to be closed by January 14, 2007. Plan to do extensive renovation of this property with a budget of close to $5 million dollars which being funded by the bond issue and tax credits. They are now in the process of getting historical landmark approval for Pear Orchard Plaza which will also provide additional funds. Current tenants (approximately 40 tenants) will moved to the newly renovated units and then the other units renovated. It is a progressive renovation and the entire project should be completed by the end of next year. As the application is processed, the Housing Finance Corporation will provide additional information. There being no public comments, the Public Hearing was closed at 2:50 p.m. The meeting adjourned at 2:50 p.m. A� Guy N. Goodson, President AW ee am I' mmm MM Lulu L. Smith, Secretary O m �* Rose Ann Jones, TRYC City Clerk Page 2 of 2 Minutes-September 13,2005