The nonprofit that runs The Outlook at Windhaven, a retirement community at 5555 Windhaven Parkway in Plano, is lining up as much as $10 million in tax-exempt financing to expand the campus, according to papers filed with Collin County commissioners ahead of their Nov. 16 session.
The money would be borrowed through New Hope Cultural Education Facilities Finance Corp., which issues debt under a state law covering cultural and education facilities, and lent to Forefront Living Tarrant County, a Texas nonprofit, or an affiliate.
A notice published Oct. 20 in The Dallas Morning News says the proceeds would finance and refinance an expansion of the Plano community, including land purchases and preconstruction work. The documents do not describe the size of the expansion or how many residences it would add.
Why the county is involved
Interest on the notes can be tax-exempt only if the elected leadership of the county where a project sits signs off after a public hearing, a requirement in Section 147(f) of the federal tax code. The hearing was held Oct. 27 by teleconference. Its minutes list one member of the public, Austin Hutton of Plano, who spoke in support.
Bond counsel McCall, Parkhurst & Horton asked County Judge Chris Hill to sign the approval, and the court's agenda lists an order acknowledging the loan among its consent items.
The firm's letter stresses that the approval is only for tax purposes: Collin County would not be liable for repaying the debt or for running the project, and the approval is not a pledge of the county's credit.
