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Home My WebLink About22-166RESOLUTIONNO. 22-166 A RESOLUTION OF THE CITY OF DENTON SUPPORTING PRUDENTIADEVELOPMENT, LLC’S 9% HOUSING TAX CREDIT APPLICATION TO THE TEXASDEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR THE PROPOSED NEWCONSTRUCTION OF THE TORRINGTON FALLMEADOW APARTMENTS TO PROVIDE AFFORDABLE RENTAL HOUSING; COMMITTING TO PROVIDE FEE REDUCTIONS INAN AMOUNT OF $500.00; AND PROVID[NG AN EFFECTIVE DATE. WHEREAS, the Prudentia Development, LLC (" Applicant") is proposing the new construction of a multi-family affordable rental housing development to be located approximatelyat the east side of the north end of Fallmeadow St to be named the Torrington Fallmeadow Apartments (the "Project"); and WHEREAS, the Applicant has advised the City that it intends to submit an application to the Texas Department of Housing and Community Affairs (’'TDHCA") for Housing Tax Credit funding to provide equity financing for the Project (the “Application”); and WHEREAS, pursuant to 10 Texas Administrative Code §1 1.9(d)(1), TDHCA will provide points to an application for a municipality’s resolution of support for a development which will be located in such municipality’s jurisdiction; and WHEREAS, pursuant to 10 Texas Administrative Code §11.9(d)(2) the City will providea letter in the form attached hereto as Exhibit A (the " Fee Reduction Letter"), committing to provide a development fee reduction in an amount of $ 500.00 in connection with the development of the Project as the City’ s financial contribution; and WHEREAS, the City Council of the City of Denton wishes to express support for this proposed Project’s application to TDHCA pursuant to 10 Texas Administrative Code § 1 1.3(e) and § 11.4(c)( 1) of the Qualified Allocation Plan to facilitate the possible award of Housing Tax Credits to the Project. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES: SECTION 1. The recitals contained in the preamble of this Resolution are incorporated by reference into the body of this Resolution as if fully set forth herein. SECTION 2. The City affirms that the proposed Project is consistent with the jurisdiction’s obligation to affirmatively further fair housing pursuant to 10 Texas Administrative Code § 11.3(e) and §1 1.4(c)(1) of the Qualified Allocation Plan. SECTION 4. The City affirms its commitment to provide Applicant with fee reductions ina total amount of $500.00 in connection with the development of the Project conditioned on: (i) the Applicant securing the 9% housing tax credit from the TDHCA, and (ii) Applicant securing development plan approvals for the Project, including any required zoning approvals, from the City SECTION 5. The City Manager is hereby authorized, empowered, and directed to certifythis Resolution to the TDHCA. SECTION 6. The City Council hereby approves and authorizes the execution on behalf of the City of all other documents and writings whatsoever that may be necessary or convenient, in the reasonable opinion of either the City Manager or the City Attorney, for carrying out thisResolution. SECTION 7. This Resolution shall be effective as of its date of approval and passage by City Council. seconded by VIcki -Byrd by the following vote [ 7 - The motion to ap2rov£ this Resolution was made by Deb of n, dIor and ' the Resolution was passed and approvedo 1: Aye Nay Abstain Absent Mayor Gerard Hudspeth: Vicki Byrd, District 1 :J Brian Beck, District 2:V-L-L-L-L Jesse Davis, District 3 : Alison Maguire, District 4: Deb Armintor, At Large Place 5 : Paul Meltzer, At Large Place 6: PASSED AND APPROVED this the / 5 day of ELf.J Ary , 2022. GERARD HU6SPETH, MAYOR ATTEST ROSA RIOS, CITY SECRETARY _cZ&n .J,’by L\1111111111DOF APPROVED AS TO LEGAL FORM: MACK REINWAND, CITY ATTORNEY BY:SdK%Digitally signed by Scott BrayDate: 2022.01.27 08:25:14 -06'00 Exhibit A City Manager’s Office 215 E. McKinney St., Denton, TX 76201 • (940) 349-8307DENTON February 1, 2022 Ryan Combs Prudentia Development, LLC600 E. Las Colinas Blvd., Suite 1800 Irving, TX 75038 RE: Commitment of Development Funding by Local Political Subdivision for Prudentia Development, LLC. for the proposed new construction of the Torrington Fallmeadow Apartments located at approximately Fallmeadows Street, in Denton, City of Denton, Denton County, Texas Dear Mr. Combs, The City affirms commitment to Prudentia Development, LLC (the Applicant) for the Torrington Fallmeadow Apartments development (the “Project”) to provide fee reductions in a de minimis total amount not to exceed $500.00 in connection with the development of the Project. It is the intention of this letter to firmly commit this benefit to the Project in order to satisfy a requirement of Section 11.9(d)(2) of the Qualified Allocation Plan as published by the Texas Department of Housing and Community Affairs in order to gain points under that rule for thiscommitment of funds. This is conditioned on: (i) the Applicant securing the 9% housing tax credit from the TDHCA, and (ii) Applicant securing development plan approvals for the Project, including any required zoning approvals, from the City. Sincerely , Sara Hensley Interim City Manager City of Denton, Texas OUR CORE VALUES Integrity • Fiscal Responsibility • Transparency • Outstanding Customer Service ADA/EOE/ADm www.cityofdenton.com TDD (800) 735-2989 City Manager’s Office 215 E. McKinney St., Denton, TX 76201 • (940) 349-8307DENTON February 1, 2022 Ryan Combs Prudentia Development, LLC 600 E. Las Colinas Blvd., Suite 1800 Irving, TX 75038 RE: Commitment of Development Funding by Local Political Subdivision for Prudentia Development, LLC. for the proposed new construction of the Torrington Fallmeadow Apartments located at approximately Fallmeadows Street, in Denton, City of Denton, Denton County, Texas Dear Mr. Combs, The City affirms commitment to Prudentia Development, LLC (the Applicant) for the Torrington Fallmeadow Apartments development (the “Project”) to provide fee reductions in a de minimistotal amount of $500.00 in connection with the development of the Project. It is the intention of this letter to firmly commit this benefit to the Project in order to satisfy a requirement of Section 11.9(d)(2) of the Qualified Allocation Plan as published by the Texas Department of Housing and Community Affairs in order to gain points under that rule for thiscommitment of funds. This is conditioned on: (i) the Applicant securing the 9% housing tax credit from the TDHCA, and (ii) Applicant securing development plan approvals for the Project, including any required zoning approvals, from the City. Sincerely, Sara Hensley interim City Manager City of Denton, Texas OUR CORE VALUES Integrity • Fiscal Responsibility • Transparency • Outstanding Customer Service ADA£EOE/ADEA www.cityofdenton.com TDD (800) 735-2989