HomeMy WebLinkAboutHA ResolutionKITTITAS COUNTY, WASHINGTON
RESOLUTION NO.
A RESOLUTION APPROVING THE ISSUANCE OF
REVENUE OBLIGATIONS BY THE HOUSING AUTHORITY
OF KITTITAS COUNTY IN THE PRINCIPAL AMOUNT OF
NOT TO EXCEED $15,435,000, TO FINANCE THE
ACQUISITION, REHABILITATION AND EQUIPPING OF SIX
APARTMENT COMPLEXES TO PROVIDE HOUSING FOR
LOW-INCOME PERSONS IN KITTITAS COUNTY,
WASHINGTON.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF KITTITAS
COUNTY, WASHINGTON, as follows:
WHEREAS, Kittitas County, Washington (the "County"), is a county duly organized and
existing under and virtue of the Constitution and laws of the State of Washington (the "State");
WHEREAS, as provided in RCW 35.82.030, the Board of County Commissioners of the
County previously activated the Housing Authority of Kittitas County (the "Authority") pursuant
to Resolution 70-5 adopted on May 23, 1970;
WHEREAS, RCW 35.82.020(l 1) and 35.82.130 together provide that a housing authority
may issue bonds, notes or other obligations for any of its corporate purposes;
WHEREAS, RCW 35.82.070(18) provides that a housing authority may, among other
things and if certain conditions are met, "make . . . loans for the acquisition, construction,
reconstruction, rehabilitation, improvement, leasing, or refinancing of land, buildings, or
developments for housing for persons of low income";
WHEREAS, the Authority has advised the County that the Authority intends to issue certain
obligations (the "Obligations") in the maximum aggregate principal amount of $15,435,000
pursuant to chapter 35.82 RCW and a plan of financing (the "Plan of Financing") with respect to the
acquisition, rehabilitation and equipping of six apartment complexes (collectively, the "Projects")
that will be owned for federal tax purposes by Kittitas RAD Affordable Housing Portfolio LLLP
(the "Borrower"), a Washington limited liability limited partnership of which the Authority is the
sole general partner;
WHEREAS, the Authority also has advised the County that the proceeds of the
Obligations will be used to make one or more loans to the Borrower to finance the costs of the
Projects, and that the Authority intends that the interest on the Obligations be eligible for exclusion
from gross income for federal income tax purposes pursuant to Sections 103 and 142 of the Internal
Revenue Code of 1986, as amended (the "Code");
53433740 2
WHEREAS, Section 147(f)(2) of the Code and related Treasury Regulations provide that
one of the eligibility requirements for such exemption of interest on the Obligations for federal
income tax purposes is approval of the Obligation by the governmental unit under the auspices of
which the Authority was activated, which is the County, and a governmental unit having jurisdiction
over the area in which the Projects are located, which also includes the County;
WHEREAS, the Authority has advised the County that, following timely notice thereof
being published in a newspaper of general circulation throughout the County, a public hearing was
held on July 30, 2019, on the proposed issuance of the Obligations pursuant to the Plan of Financing
for the Projects, in accordance with the requirements of Section 147(f) of the Code;
WHEREAS, the Authority has provided the County with a written summary of any public
testimony and any written comments received at such public hearing;
WHEREAS, the proposed Obligations, Plan of Financing, and Projects are further described
below:
Projects Portfolio Name: RAD Affordable Housing Portfolio Project
(Comprised of the six separate Projects listed below)
Maximum Aggregate Total Principal $15,435,000
Amount of Obligations:
Projects Portfolio Principal User: Kittitas RAD Affordable Housing Portfolio LLLP,
a Washington limited liability limited partnership
of which the Authority is the sole general partner
Cahill Manor Project
Project Description: Acquisition, rehabilitation and equipping of a 20 -unit
multifamily housing facility currently known as
Cahill Manor
Project Location: 404 East Patrick Avenue, Kittitas, Washington
98934
Maximum Principal Amount of $2,757,000
Obligations:
Cherry Lane Project
Project Description: Acquisition, rehabilitation and equipping of a nine -
unit multifamily housing facility currently known as
Cherry Lane
Project Location: 301 East Cherry Lane, Ellensburg, Washington
98926
Maximum Principal Amount of $1,284,000
Obligations:
Helena Annex Project
Project Description: Acquisition, rehabilitation and equipping of a five -
unit multifamily housing facility currently known as
Helena Annex
53433740.2 2
Project Location:
Maximum Principal Amount of
Obligations:
Mount Stuart Vista Project
Project Description:
Project Location:
Maximum Principal Amount of
Obligations:
Patrick Place Project
Project Description:
Project Location:
Maximum Principal Amount of
Obligations:
Trinal Manor Project
Project Description:
Project Location:
Maximum Principal Amount of
Obligations:
2201 North Airport Road, Ellensburg, Washington
98926
$825,000
Acquisition, rehabilitation and equipping of a 30 -unit
multifamily housing facility currently known as
Mount Stuart Vista
1305, 1307, 1309 and 1311 Cora Street, and 704,
705, 706, 707, 708, 709, 710, 711, 712, 713, 714,
715, 716, 717, 719, 801, 802, 803, 804, 805, 806,
807, 808, 809, 810 and 811 Rainier Avenue,
Ellensburg, Washington 98926
$4,045,000
Acquisition, rehabilitation and equipping of a 16 -unit
multifamily housing facility currently known as
Patrick Place
308 East Patrick Avenue, Kittitas, Washington
98934
$2,335,000
Acquisition, rehabilitation and equipping of a 30 -unit
multifamily housing facility currently known as
Trinal Manor
107 West 11 I" Avenue, Ellensburg, Washington
98926
$4,371,000
WHEREAS, the Authority has advised the County that the Obligations to be issued by
the Authority for the Projects pursuant to the Plan of Financing (a) may consist of a line of credit
and/or one or more issues (including refunding issues) of revenue bond anticipation notes to
provide interim financing for the Projects and one or more issues (including refunding issues) of
long-term revenue bonds to provide permanent financing for the Projects; (b) will be issued in
accordance with a schedule such that the first issue of Obligations for the Projects will be issued
no later than one year after the date of this approval and any subsequent issue for the Projects
will be issued no later than three years after the issue date of the first such issue for the Projects;
(c) will not exceed a maximum aggregate principal amount of $15,435,000; and (d) in
calculating the maximum aggregate principal amount of Obligations issued for the Projects
pursuant to the Plan of Financing, the principal amount of any issue of Obligations used to
534337402 3
currently refund a prior issue of Obligations will be disregarded to the extent that the principal
amount of such refunding issue does not exceed the outstanding principal amount of such prior
issue;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED as
follows:
Section 1. The County approves the Plan of Financing for the Projects, and each issue
of Obligations that is timely issued by the Authority for the Projects in accordance with the Plan of
Financing, the proceeds of which Obligations will be used to make one or more loans to the
Borrower. This approval is intended to comply with the requirements of Section 147(f) of the Code
in order to permit the issuance of the Obligations.
Section 2. This approval is not intended to imply that the County is under any
obligation to repay the Obligations. In so approving the issuance of Obligations, the Board of
County Commissioners does not assume any responsibility with respect to any payments due
thereunder. The County is not obligated to pay the principal of or the interest on the Obligations; no
tax funds or governmental revenue of the County may be used to pay the principal of or the interest
on the Obligations; the Obligations do not directly or indirectly constitute a debt or liability of the
County; and neither the faith and credit nor the taxing power of the County is pledged to the
payment of such principal or interest.
Section 3. This approval is not intended to serve as any land use, permit, occupancy,
zoning or other approval for the Projects not expressly set forth in this resolution.
Section 4. This resolution shall take effect immediately upon its passage and approval.
ADOPTED by the Board of County Commissioners of Kittitas County, Washington, at
an open public meeting this day of , 2019.
BOARD OF COUNTY COMMISSIONERS,
KITTITAS COUNTY, WASHINGTON
Chair
Commissioner
Commissioner
ATTEST:
Clerk of the Board
534337402 4
CERTIFICATE
I, the undersigned, Clerk of the Board of County Commissioners (the "Board") of Kittitas
County, Washington (the "County"), hereby certify as follows:
1. The attached copy of Resolution No. (the "Resolution") is a full, true
and correct copy of a resolution duly adopted at a regular meeting of the Board held at the
regular meeting place thereof on , as that resolution appears on the minute
book of the County; and the Resolution is now in full force and effect; and
2. A quorum of the members of the Board was present throughout the meeting and a
majority of the members voted in the proper manner for the adoption of the Resolution.
2019.
IN WITNESS WIIEREOF, I have hereunto set my hand this day of ,
KITTITAS COUNTY, WASHINGTON
Clerk of the Board
53433740.2 5
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AFFIDAVIT OF PUBLICATION
State of Washington, County of Kittitas.. ss: The under: igned being first duly sworn on
oath, deposes and says: That he/she is the mpresuntative of The Daily Record,
a daily newspaper. That said newspaper is a legal new'%paper and has been
approved as a legal newspaper by corder of the superior court in the County in which it is
published and it is now and has been for more thansix. months prior to the date of the
publications hereinafter referred to, published in the English language continually as a
newspaper in Ellensburg, Kittitas County, Washing vn, and it is now and during all of
said itime printed in an true copy of
FOSTER PUPPER PLLC
PUBI}V,ARING HOUSING AUT -110
is publi ied in regular issues (and not in supplement fc rm) of said newspaper once a
week for a period of I consecutive weeki&j. colnrript3t}ing. on the following days.
07/22/200
All dates inclusive and that such newspaper were regularly distributed to its subscribers
during all of said period. That the full aniount of the fUe charged for the foregoing
publication is the sura of $500.16 the. rate of $12.75.per column inch for each insertion.
in the year of 20_4
St�l.tirt;iibud to me t1riS e:�4L day of �L� �.
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Printed Name Signed Nar�e
Notary Public in and'for f _
The State of Washington �o�+t11i � ¢+►lr,+fir`
(SEAL)
MINUTES OF PUBLIC HEARING
The Housing Authority of Kittitas County (the "Authority") conducted a public hearing on
Tuesday, July 30, 2019, at 9:00 a.m., in the conference room on the second floor of the offices of
the Authority located at 107 West 11th Avenue, Ellensburg, Washington.
The purpose of the hearing was to consider public testimony on the proposed issuance by the
Authority, pursuant to chapter 35.82 RCW and a plan of financing with respect to the acquisition,
rehabilitation, and equipping of six multifamily housing facilities described below (collectively,
the "Projects"), of certain obligations the interest on which will be excluded from gross income for
federal income tax purposes pursuant to Sections 103 and 142 of the Internal Revenue Code of
1986, as amended (the "Code").
Projects Portfolio Name:
Maximum Aggregate Total Principal
Amount of Obligations:
Projects Portfolio Principal User:
Cahill Manor Project
Project Description:
Project Location:
Maximum Principal Amount of
Obligations:
Cherry Lane Project
Project Description:
Project Location:
Maximum Principal Amount of
Obligations:
Helena Annex Project
Project Description:
Project Location:
53433727,2
RAD Affordable Housing Portfolio Project
(Comprised of the six separate Projects listed below)
$15,435,000
Kittitas RAD Affordable Housing Portfolio LLLP,
a Washington limited liability limited partnership
of which the Authority is the sole general partner
Acquisition, rehabilitation and equipping of a 20 -unit
multifamily housing facility currently known as
Cahill Manor
404 East Patrick Avenue, Kittitas, Washington
98934
$2,757,000
Acquisition, rehabilitation and equipping of a nine -
unit multifamily housing facility currently known as
Cherry Lane
301 East Cherry Lane, Ellensburg, Washington
98926
$1,284,000
Acquisition, rehabilitation and equipping of a five -
unit multifamily housing facility currently known as
Helena Annex
2201 North Airport Road, Ellensburg, Washington
98926
Maximum Principal Amount of $825,000
Obligations:
Mount Stuart Vista Project
Project Description: Acquisition, rehabilitation and equipping of a 30 -unit
multifamily housing facility currently known as
Mount Stuart Vista
Project Location: 1305, 1307, 1309 and 1311 Cora Street, and 704,
705, 706, 707, 708, 709, 710, 711, 712, 713, 714,
715, 716, 717, 719, 801, 802, 803, 804, 805, 806,
807, 808, 809, 810 and 811 Rainier Avenue,
Ellensburg, Washington 98926
Maximum Principal Amount of $4,045,000
Obligations:
Patrick Place Project
Project Description: Acquisition, rehabilitation and equipping of a 16 -unit
multifamily housing facility currently known as
Patrick Place
Project Location: 308 East Patrick Avenue, Kittitas, Washington
98934
Maximum Principal Amount of $2,335,000
Obligations:
Trinal Manor Project
Project Description: Acquisition, rehabilitation and equipping of a 30 -unit
multifamily housing facility currently known as
Trinal Manor
Project Location: 107 West 11th Avenue, Ellensburg, Washington
98926
Maximum Principal Amount of $4,371,000
Obligations:
The hearing was called to order by Katie Haggin, Interim Executive Director/Operations
Supervisor of the Authority, at 9:00 AM. No one from the public appeared to present testimony,
and no written comments were received prior to or at the hearing. The hearing was adjourned at
9:15 AM.
IC tie Haggin, [uteri xecutive
D rector/Operations Su ervisor
53433727 2