The Williamson County Commissioners Court on June 15 voted to approve the issuance of Tax-Exempt Multifamily Housing Revenue Bonds not to exceed $50 million to fund the development of the Grand Avenue Flats. The Capital Area Housing Finance Corp. is issuing the bonds, and Grand Avenue Flats Ltd., a subsidiary of Ohio-based NRP Group, is listed as the borrower. Commissioners passed the authorization in consent.
Grand Avenue Flats is located at 15701 FM 1325, Austin, in North Austin and Williamson County, according to county documents. The development will ultimately deliver 275 affordable multifamily units for senior residents, according to county documents.
The issued bonds will not be a debt or liability to Williamson County, according to backup documents for the vote. The CAHFC, which is made of representatives from 10 separate Central Texas counties, needed approval from Williamson County commissioners due to Texas administrative code.
Upcoming Texas Children’s Hospital may get bond funding from Harris County nonprofit corporation
Commissioners on June 15 approved the issuance of revenue bonds to fund capital projects for Texas Children’s Hospital, which is building a new medical center in far Northwest Austin.
However, Williamson County is not issuing these bonds, according to county documents, and will not assume any debt related to this action.
“This does not create any liability,” said Valerie Covey, commissioner for Williamson County.
According to backup documents attached to the vote, the Harris County Cultural Education Facilities Finance Corp. will issue the bonds. That corporation is a nonprofit group organized to construct and finance cultural education and public health facilities.
Per Williamson County documents, the principal amount of the bonds that will finance the local portion of the facilities is valued at a maximum $285 million.
The revenue bonds will go to finance the cost of facilities owned by Texas Children’s or its nonprofit affiliates.
Texas Children’s is based in Houston, though the pediatric care network has expanded its network across the state, including several facilities in Austin.
Federal Internal Revenue Service code mandates that issued bonds related to facilities must be approved by elected representatives of the jurisdiction where the facility is located, according to the backup documents. In this case, the Williamson County Commissioners Court is the body of elected representatives that must approve the issuance of bonds.
Construction of the upcoming Texas Children’s Hospital, located at 9835 N. Lake Creek Parkway in far Northwest Austin, began in May. The 52-bed pediatric care medical center, set to open in 2024, will open with neonatal and pediatric intensive care, operating rooms, an emergency center and other health services.