HomeMy WebLinkAbout22-167RESOLUTIONNO. 22-167
A RESOLUTION OF THE CITY OF DENTON SUPPORTING TX LEGACY DENTON, LP’S9% HOUSING TAX CREDIT APPLICATION TO THE TEXAS DEPARTMENT OF HOUSINGAND COMMUNITY AFFAIRS FOR THE PROPOSED NEW CONSTRUCTION OF THE
LEGACY IN DENTON APARTMENTS TO PROVIDE AFFORDABLE RENTAL HOUSING;
COMMITTING TO PROVIDE FEE REDUCTIONS IN AN AMOUNT OF $500.00; ANDPROVIDING AN EFFECTIVE DATE.
WHEREAS, the TX Legacy Denton, LP ("Applicant") is proposing the new construction
of a multi-family affordable rental housing development to be located at 4298 E. McKinney,
Denton, TX 76208 to be named The Legacy in Denton 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 § 11.9(d)(1), TDHCA will provide
points to an application for a municipality’s resolution of support for a development which will belocated in such municipality’s jurisdiction; and
WHEREAS, pursuant to 10 Texas Administrative Code §1 1.9(d)(2) the City will provide
a 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 Creditsto 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 AdministrativeCode §1 1.3(e) and §1 1.4(c)(1) of the Qualified Allocation Plan.
SECTION 3. The City affirms its commitment to provide Applicant with fee reductions in
a 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 theCity
SECTION 4. The City Manager is hereby authorized, empowered, and directed to certifythis Resolution to the TDHCA.
SECTION 5. 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 6. This Resolution shall be effective as of its date of approval and passage byCity Council.
Th, m,ti,„ t, ,pp„„, thi, R„,1„ti,n w„ m,d, by Bf ;''„AIjccl ,„d
seconded by ]~vt net+lcr , the Resolution was passed and approved
by the following vote [ 7 -
Aye
./
/J
Nay Abstain Absent
Mayor Gerard Hudspeth:
Vicki Byrd, District 1 :
Brian Beck, District 2:
Jesse Davis, District 3 :,/
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J
JZ
Alison Maguire, District 4:
Deb Armintor, At Large Place 5 :
Paul Meltzer, At Large Place 6:
PASSED AND APPROVED this the 2022
GERARD HUDSPETH, MAYOR
ATTEST:
ROSA RIOS, CITY SECRETARY
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APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
BY:SH*H%Digitally signed by Scott BrayDate: 2022.01.27 08:46:3746'OO'
Exhibit A
City Manager’s Office
215 E. McKinney St., Denton, TX 76201 • (940) 349-8307DENTON
February 1, 2022
Jack Traeger
TX Legacy Denton, LP17304 Preston Road, Suite 800
Dallas, TX 75248
RE: Commitment of Development Funding by Local Political Subdivision for TX Legacy Denton,
LP for the proposed new construction of The Legacy in Denton Apartments located at 4298 E.
McKinney, Denton, TX 76208, in Denton, City of Denton, Denton County, Texas
Dear Mr. Traeger,
The City affirms commitment to TX Legacy Denton, LP (the Applicant) for The Legacy in Denton
Apartments development (the “Project”) to provide fee reductions in a de minimis total 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
City Manager’s Office
215 E. McKinney St., Denton, TX 76201 • (940) 349-8307DEO
February 1, 2022
Jack Traeger
TX Legacy Denton, LP17304 Preston Road, Suite 800
Dallas, TX 75248
RE: Commitment of Development Funding by Local Political Subdivision for TX Legacy Denton,
LP for the proposed new construction of The Legacy in Denton Apartments located at 4298 E.
McKinney, Denton, TX 76208, in Denton, City of Denton, Denton County, Texas
Dear Mr. Traeger,
The City affirms commitment to TX Legacy Denton, LP (the Applicant) for The Legacy in Denton
Apartments deveiopment (the “Project”) to provide fee reductions in a de minimis total 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