Consider and take appropriate action on a request to approve a TEFRA  resolution for tax-exempt financing to be undertaken by the Travis County Housing Finance Corporation for the benefit of the Tapestry at Easton Park Apartments. (Commissioner Gómez)

Staff Report & Agenda Item Details

Travis County Housing Finance Corporation (the “Issuer”) is proposing to issue its multifamily housing revenue notes in one or more series in an aggregate maximum stated principal amount not to exceed $60,000,000 (the “Notes”) to finance the acquisition, construction and equipping of a proposed 323-unit residential housing development to be known as Tapestry Easton Park to be located at 7504 COTA Vista Drive, Austin, Travis County, Texas 78744, or adjacent thereto (the “Property”) located within Travis County, Texas (the “County”) by SL Easton Partners, LP, or its successors or assigns. <br><br>The multifamily property will have a total of 323 one-, two- and three-bedroom units with income restrictions at 60% of the area median income. The project will provide competitive unit and property amenities, as well as resident programs and services at no extra charge to the tenants, including a resort-style pool, security fence and gated entry, fitness center, dog park, spacious community center, dedicated classroom for tutoring, EV chargers, business center, children’s playscape and tot lot, and barbecue grills. Units will have high-quality finishes such as granite counters, luxury vinyl plank flooring, built-in desks, window blinds, in-unit washer and dryer, upgraded lighting packages, and 9-foot ceilings. <br><br>The IRS requires a public hearing for the issuance of tax-exempt bond financing and Local Government Code Chapter 394 requires the County hold a public hearing acknowledging and consenting to the project within its jurisdiction. The Notes shall never constitute an indebtedness or pledge of the County within the meaning of any constitutional or statutory provision, and the owners of the Notes shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the County. <br><br>The resolution and related public hearing satisfies the requirements for both Chapter 394 of the local government code and tax-exempt bonds requirements for the IRS.   There are companion items under the County Corporations.