HomeMy WebLinkAboutContract CAG-19-091
CERTIFICATE OF MAYOR APPROVING
ISSUANCE OF OBLIGATIONS BY
HOUSING AUTHORITY OF THE CITY OF RENTON
(Renton Crest Projects)
I am in receipt of the attached letter from the Housing Authority of the City of Renton
(the"Authority") dated March 27, 2019 (the "Authority Letter"), advising the City of Renton,
Washington(the"City") that the Authority intends to issue certain obligations(the"Obligations")
pursuant to a plan of financing, which may consist of multiple issues as described in the Authority
Letter (the"Plan of Financing") with respect to the acquisition, rehabilitation, and equipping of
six multifamily housing facilities further described below (collectively, the"Projects"). The
Authority has advised the City that the Projects will be owned, for federal income tax purposes,
by Renton Crest LLLP, a Washington limited liability limited partnership of which the Authority
is the sole general partner (the`Borrower") and that proceeds of the Obligations will be used to
make a loan or loans to the Borrower. The Obligations, the Projects and the proposed financing
are further described below:
Projects Portfolio Name: Renton Crest(Comprised of the Six Separate
Projects Listed Below)
Maximum Aggregate Total Principal $50,000,000
Amount of Obligations:
Projects Portfolio Principal User: Renton Crest LLLP, a Washington limited
liability limited partnership of which the
Authority is the sole general partner
Chantelle Project
Project Description: Acquisition,rehabilitation and equipping of a 17-
unit multifamily housing facility currently known
as Chantelle
Project Location: 2828 NE 3rd Street, Renton,Washington 98056
Maximum Principal Amount of $4,940,000
Obligations:
Cole Manor Project
Project Description: Acquisition,rehabilitation and equipping of a 28-
unit multifamily housing facility currently known
as Cole Manor
Project Location: 2811 NE 4th Street,Renton,Washington 98056
Maximum Principal Amount of $6,890,000
Obligations:
53368368.I
Evergreen Terrace Project
Project Description: Acquisition,rehabilitation and equipping of a 50-
unit multifamily housing facility currently known
as Evergreen Terrace
Project Location: 3016, 3018, 3021, 3024, 3027, 3030, 3033, 3036,
3042, 3045, 3048, 3051, 3054, and 3057 NE 15th
Street,Renton, Washington 98056
Maximum Principal Amount of $7,475,000
Obligations:
Highland House Project
Project Description: Acquisition,rehabilitation and equipping of a 15-
unit multifamily housing facility currently known
as Highland House
Project Location: 2825 NE 12th Street, Renton,Washington 98056
Maximum Principal Amount of $3,525,000
Obligations:
Hillcrest Terrace Project
Project Description: Acquisition,rehabilitation and equipping of a 60-
unit multifamily housing facility currently known
as Hillcrest Terrace
Project Location: 1430- 1487, 1489, 1491, and 1493 Hillcrest Lane
NE, Renton,Washington 98056
Maximum Principal Amount of $10,310,000
Obligations:
Houser Terrace Project
Project Description: Acquisition,rehabilitation and equipping of a 104-
unit multifamily housing facility currently known
as Houser Terrace
Project Location: 3151 NE 16th Street, Renton,Washington 98056
Maximum Principal Amount of $16,860,000
Obligations:
The Mayor is the City's chief executive officer popularly elected at-large by the voters of
the City and the City has jurisdiction over the location of each of the Projects. The Authority has
advised the City that the Authority's bond counsel has determined that the Mayor represents the
City for the purposes of the approval of the issuance of the Obligations pursuant to the Plan of
Financing as required by Section 147(f) of the Code.
53368368.I
I, Denis Law, Mayor of the City of Renton, Washington, approve each issue of the
Obligations that is timely issued by the Authority for the Projects in accordance with the Plan of
Financing for the Projects as described herein and in the Authority Letter. This approval is
intended solely to comply with the requirements of Section 147(f) of the Code. This approval is
not intended to imply that the Obligations are issued on behalf of the City, that the City has
approved the form of documents relating to the Obligations,that the City has approved underlying
credit issues regarding the Projects, or that the City is under any duty or has any responsibility for
the payment of the Obligations or for fulfillment of the Authority's obligations under documents
relating to the Projects or Plan of Financing.
IN WITNESS WHEREOF, I have executed this instrument this 4t day of AVIZI ,
2019.
Denis Law, Mayor
City of Renton, Washington
53368368.1