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Presentation, discussion, and possible action on Inducement Resolution No. 26-016 for Multifamily Housing Revenue Bonds or Notes regarding authorization for filing an application for private activity bond authority for The Preserve at Dominion Park
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RECOMMENDED ACTION
recommendation
WHEREAS, the Board previously approved an inducement resolution at the meeting of May 9, 2024, for The Preserve at Dominion Park;
WHEREAS, an amended inducement resolution is necessary in order to comply with the Bond Review Board's requirement that an inducement resolution be adopted within 18 months of the date of an Application;
WHEREAS, Board approval of the inducement resolution is the first step in the application process for a multifamily bond issuance by the Department; and
WHEREAS, approval of the amended inducement will allow staff to submit an application to the Bond Review Board (BRB) for private activity bonds;
NOW, therefore, it is hereby
RESOLVED, that based on the foregoing, Inducement Resolution No. 26-016, to proceed with the application submission to the BRB for possible receipt of State Volume Cap issuance authority under the Private Activity Bond Program for The Preserve at Dominion Park, is hereby approved in the form presented to this meeting.
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BACKGROUND
General Information: The BRB administers the annual private activity bond authority for the State of Texas. The Department is an issuer of Private Activity Bonds and is required to induce an application for bonds prior to the submission to the BRB. Approval of the inducement resolution does not constitute approval of the development but merely allows the Applicant the opportunity to move into the full application phase of the process. Once the application receives a Certificate of Reservation, the Applicant has 180 days to close on the private activity bonds.
During the 180-day process, the Department will review the complete application for compliance with the Department's Rules, ...
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