08-13-15-2q - Resolution - 08/13/2015 RESOLUTION NO: 08-13-15-2q
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS,
APPROVING THE FINANCING BY THE NEW HOPE CULTURAL EDUCATION FACILITIES
FINANCE CORPORATION OF A HEALTH FACILITY LOCATED WITHIN THE CITY OF COLLEGE
STATION, TEXAS
WHEREAS, the Cultural Education Facilities Finance Corporation Act, 1528m, V.A.T.C.S. (the "Act"),
authorizes and empowers New Hope Cultural Education Facilities Finance Corporation (the "Issuer") to
issue revenue bonds or notes in a maximum aggregate principal amount of$75,000,000(the"Obligations")
on behalf of the Town of New Hope,Texas(the "Issuing Unit")to finance and refinance the costs of health
facilities found by the Board of Directors of the Issuer to be required, necessary or convenient for health
care, research and education, any one or more, within the State of Texas and in furtherance of the public
purposes of the Act; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code")requires that
the Obligations and the facilities to be financed be approved by the governmental unit or the highest elected
official of the governmental unit having jurisdiction over the area in which the facilities will be located
after the holding of a public hearing relating to the Obligations and the facilities; and
WHEREAS, MRC Senior Living ("MRC Senior Living"), a nonprofit Texas corporation and 501(c)(3)
organization, proposes to obtain financing from the Issuer from the proceeds of the Issuer's Obligations
issued pursuant to the Act for the costs of a senior living retirement community to be owned and operated
by MRC Senior Living on approximately 12.3 acres of land located on Highway 6 North between the exits
for William D. Fitch Road and Rock Prairie Road in College Station, Texas (the "Project"); and
WHEREAS, the Project is expected to consist of the construction and equipping of approximately 80
independent living units, 30 assisted living units and 25 memory support units and related common areas;
and
WHEREAS, the Project will be located within the City of College Station, Texas (the "City") and outside
the limits of the Issuing Unit; now,therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS:
PART 1: That the City Council hereby approves the Obligations and the Project for the purposes of
Section 147(f) of the Internal Revenue Code of 1986; provided that the City shall have no
liability in connection with the financing of the Project and shall not be required to take
any further action with respect thereto.
PART 2: That this Resolution shall take effect immediately from and after its adoption and it is
accordingly so ordered.
PASSED AND APPROVED,this the 13th day of August, 2015.
ATTEST: APPROVED:
iait/AA.,A1/1cca..4.(4. _
City Secretary ' MAYOR
APPROVED AS TO FORM:
C
City Attorney