From
Megan Mahan, City Attorney
Title
Resolution authorizing the City Manager, or his designee, of the City to create Grand Prairie PFC, a Public Facility Corporation
Presenter
Bill Hills, Deputy City Manager
Recommended Action
Approve
Analysis
The City of Grand Prairie desires to promote quality affordable housing. The City, pursuant to the provisions of the Public Facility Corporation Act, as amended, Chapter 303, Texas Local Government Code (the “Act”), is authorized to create a public facility corporation for the purposes set forth in the Act, including, but not limited to, the ownership of real property located in neighborhoods of Grand Prairie, Texas. Staff has determined that it is in the public interest and to the benefit of the neighborhoods of the city of Grand Prairie that the Corporation (defined below) be created to finance, refinance, or provide the costs of public facility corporations of the City. Staff recommends that the City sponsor and create Grand Prairie PFC, a public facility corporation (the “Corporation”). The City has prepared (a) for filing with the Secretary of State of the State of Texas, the Certificate of Formation for the Corporation, and (b) the Bylaws for the Corporation.
If this resolution passes, the City Council of the City hereby authorizes its City Manager, or his designee, to cause to be created a nonprofit corporation using the name “Grand Prairie PFC.” The Certificate of Formation of the Corporation, attached as Exhibit “A,” and filed with the Secretary of State is hereby approved and ratified. The form of Bylaws attached as Exhibit “B”, is hereby adopted as the Bylaws of the Corporation. The City Manager, or his designee, is hereby authorized and directed to take such further action in the consummation of the transactions herein contemplated and to do any and all other acts and things necessary or proper in furtherance thereof, as the City Manager, or his designee, shall deem to be necessary or desirable,...
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