Title
Consider/Discuss/Act on a Resolution Requesting Consent to Financing by Woodloch Health Facilities Corporation, Under the Health Facilities Development Act, for a Senior Living Facility to be Located Within the City of McKinney, in the 6000 Block of Alma Road, and to be Owned by Wellstone Craig Ranch
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: November 15, 2016
DEPARTMENT: Housing and Community Development
CONTACT: Janay Tieken, Housing and Community Development Manager
RECOMMENDED CITY COUNCIL ACTION:
* Approve Resolution for Wellstone Craig Ranch requesting consent to financing from the City of McKinney for $125 million in bonds to be issued by the Woodloch Health Facilities Corporation, under the Health Facilities Development Act (HFDA), to finance a senior living facility
ITEM SUMMARY:
* Woodloch Health Facilities Corporation wishes to issue the revenue bonds for the Wellstone Craig Ranch, a senior, multifamily living facility of 176 units to be located in the 6000 block of Alma Road.
* The Health Facilities Development Act (HFDA), Chapter 221, authorizes Woodloch Development Corporation to issue revenue bonds for health facilities located outside the town of Woodloch, with approval of the City in which the health facility will be located
* Wellstone Living Craig Ranch, LLC has requested a Resolution from the City of McKinney consenting to the financing and development of this facility within the City of McKinney
BACKGROUND INFORMATION:
* The zoning for the subject property was approved by City Council on February 17, 2015 (14-302Z4) for Whole Life Craig Ranch
* On March 3, 2015, Whole Life Craig Ranch received a Resolution of No Objection from City Council for Issuance of Bonds from the Cultural Education Facilities Corporation in the amount of $80 million (15-220). This bond issuance reservation was withdrawn from the Texas Bond Review Board
* The consent of the City of McKinney, for the new financi...
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