HomeMy WebLinkAboutR2017-006S:\Legal\Our pocuments\Resolutions\l7\denton eeserve.docx
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WHEREAS, Reserve at Sherrnan LLC., a Texas to-be-formed limited liability company
/66Applicant99), is proposing the new construction of multi-family housing called the Reserve at
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Sherman (the 66Project"), which will be located at the southeast corner of E. Sherman Drive and
Hartlee Field Road, Denton, Denton County, Texas, and which will be owned by the Applicant
and used to provide affordable and market rate rental housing; and
WHEREAS, the Applicant has advised that it intends to submit an application ta the Texas
Department of Housing and Community Affairs (the 66TDHCA99) far 2017 Competitive Housing
Tax Credits to provide equity financing for the Project, and the Housing Tax Credits are
competitively awarded, largely an the basis of points; and
WHEREAS, the Applicant, as Owner, is a for profit company; and
WHEREAS, pursuant to Title 10, Rule 11.9(d)(1) of the Texas Administrative Code, 10
TAC § 11.9(d)(1), the TDHCA will provide up to 17 paints for a municipality's resolution of
support for a development which will be located in such municipality's jurisdiction; and
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SECTION 2, That for the purpose of supporting the Project and qualifying for points under
10 TAC §11.9(d)(1), the City, acting through City Council, its governing body, hereby confirms
that it supports and encourages the proposed construction of the Reserve at Sherrman, to be located
at the southeast corner of E Sherrnan Drive and Hartlee Field Road, Denton, Denton County,
Texas, and that this formal action has been taken to put on record the opinion expressed by the
City on this date for the purpose of 10 TAC §11.9(d)(1).
S:\Legal\Our pocuments\Resolutions\17\denton reserve.docx
SECTION 3. That the City cammits to the development, fee waivers in an amount not to
exceed $100.00 as the City's iinancial contribution as required in the TDHCA 2017 Qualified
Allocation Plan Section 11.9(d)(2); the funding cornrnitrnent by the City of Dentan, Texas set forth
in this Resolution shall be contingent on: (i) the Applicant securing housing tax credits from
TDHCA and (ii) development plan approvals (including any required zoning) by the City.
SECTION 4. The City Council hereby approves and authorizes the execution on behalf of
the City of all other docurnents and writings whatsoever that may be necessary or convenient, in
the reasonable opinion of either the Interim City Manager or the City Attorney, for carrying out
these resalutions.
SECTION 5. The City Manager, Todd Hileman, is hereby authorized, empowered, and
directed to certify these resolutians to the TDHCA, and, that these resolutians shall be effective as
of their date of passage by City Cauncil.
PASSED AND APPROVED this �=`�- � day of � � °� � � ?017. ,
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CHRIS WA'1 � �, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
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BY: �,� ,'�,,�' �'���f�� ��.. � a� � �
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AARON �al ;��,, INTERIM CITY ATTORNEY
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