05-25-23-7.7 - Resolution - 05/25/2023RESOLUTION NO. 05-25-23-7.7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS, APPROVING THE ISSUANCE OF A TAX-EXEMPT NOTE BY THE
OGLESBY CULTURAL FACILITIES CORPORATION FOR HEART OF TEXAS
GOODWILL INDUSTRIES, INC.; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, Heart of Texas Goodwill Industries, Inc. (“Goodwill”), desires to finance or
refinance the costs of comprehensive renovation and equipping of a Goodwill store and donation
processing area in an approximately 15,000 square foot building to be located at the frontage road to
4101 State Highway 6 South, College Station, Texas 77845 (the "Project"), with the Project to be
owned and operated by Goodwill; and
WHEREAS, Goodwill desires to finance the Project in part through the issuance of a tax
exempt note (the “Note”) to be issued by the Oglesby Cultural Facilities Corporation (the “Oglesby
Corporation”), in an aggregate maximum principal amount not to exceed $5,947,000, with the
proceeds of such Note to be loaned to Goodwill to construct and equip the Project; and
WHEREAS, Mr. Ted Smith, designated hearing officer of the Oglesby Corporation held a
public hearing regarding this financing and the Project at 10:00 a.m. on March 29, 2023, in the City
of Bryan, Texas, following publication of notice of such hearing as required by Section 147(f) of the
Internal Revenue Code; and
WHEREAS, Goodwill has requested the City of College Station, Texas (the “City”) to give
its approval with regard to the issuance of the Note solely for the purpose of satisfying (i) the
provisions of Section 147(f) of the Internal Revenue Code of 1986 as amended (which requires for
tax purposes that the Note be approved by a jurisdiction in which the Project is located) and (ii) the
requirements of Section 221.030(a)(1)(B) of the Texas Health and Safety Code (which requires the
permission of the City for the Oglesby Corporation to exercise its powers for a project located within
the City); and
WHEREAS, the City is willing to consider Goodwill’s request that the Note may be issued;
and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLLEGE STATION, TEXAS:
PART 1. That solely for the purpose of satisfying the provisions of Section 147(f) of the
Internal Revenue Code of 1986 as amended, and to give the consent required by
Section 221.030(a)(1)(B) of the Texas Health and Safety Code, the City hereby
approves the Project and the issuance of the Note by the Oglesby Corporation to
finance the Project as defined above. The owner and user of the Project shall be
Heart of Texas Goodwill Industries, Inc. and the maximum principal amount of the
Note shall be $5,947,000.
PART 2. That this approval is given by the City Council of the City of College Station solely
to satisfy the requirements of Section 147(f) of the Internal Revenue Code and
Section 221.030(a)(1)(B) of the Texas Health and Safety Code and for no other
purpose. In particular, this approval does not grant a building permit, approve the
Resolution No. 05-25-23-7.7 Page 2 of 2
zoning for the Project, or give any other approval which may be required by the City
for the Project.
PART 3. That this Resolution is passed based on the express understanding and representation
by Goodwill that the Note and related financing does not and will not constitute in
any way a liability or obligation of the City of College Station, Texas or Brazos
County, Texas in any manner whatsoever, and that the City of College Station, Texas
and Brazos County, Texas shall have no liability whatsoever for the Note or the
Project.
PART 4. That it is officially found and determined that the meeting at which this Resolution is
passed is open to the public as required by law and that notice of the time, place and
subject matter of this meeting has been given in the manner required by law.
PART 5. That this Resolution is effective immediately upon adoption.
ADOPTED this 25th day of May, 2023.
ATTEST: APPROVED:
City Secretary Mayor
APPROVED:
City Attorney