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Home My WebLink About22-169RESOLUTION NO. _ 22-169 A RESOLUTION OF THE CITY OF DENTON SUPPORTING OVERLAND PROPERTYGROUP, LLC’S 9% HOUSING TAX CREDIT APPLICATION TO THE TEXASDEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR THE PROPOSED NEWCONSTRUCTION OF THE RESERVES AT MAGNOLIA APARTMENTS TO PROVIDEAFFORDABLE RENTAL HOUSING; COMMiTTrNG TO PROVIDE FEE REDUCTIONS INAN AMOUNT OF $500.00; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Overland Property Group, LLC ("Applicant") is proposing the newconstruction of a multi-family affordable rental housing development to be located at 1020 N. Willowwood, Denton, TX 76205 to be named The Reserves at Magnolia 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 belocated in such municipality’s jurisdiction; and WHEREAS, pursuant to 10 Texas Administrative Code §1 1 .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 § 11.3(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 Administrative Code §1 1.3(e) and § 11.4(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. The motion to approve this seconded by Dcb> b {r\, a +b/by the following vote b - Z lad,by G',,rJ H.JsfdR ,„d, the Resolution was passed and approved Aye V‘ ,/ Nay Abstain Absent Mayor Gerard Hudspeth: Vicki Byrd, District 1 : Brian Beck, District 2 :,/ JJesse Davis, District 3 :„/ ,/ V Alison Maguire, District 4 : Deb Atmintor, At Large Place 5 : Paul Meltzer, At Large Place 6: PASSED AND APPROVED this the 1 s+. d,y ,f Gb,,,, y _, 2022. Z GE-6PETH, MAYOR ball III IfI// ATTEST: ROSA RIOS, CITY SECRETARY BY:L a APPROVED AS TO LEGAL FORM: MACK REINWAND, CITY ATTORNEY BY:Digitally signed by Scott BrayDate: 2022.01.27 08:36:56 -06'00gdr% Exhibit A City Manager’s Office 215 E. McKinney St., Denton, TX 76201 • (940) 349-8307DENTON February 1, 2022 April Engstrom, Development Associate Overland Property Group5341 W. 151 st Terrace Leawood, Kansas 66224 RE: Commitment of Development Funding by Local Political Subdivision for Overland Property Group, LLC for the proposed new construction of The Reserves at Magnolia Apartments located at approximately 1020 N. Willowwood, Denton, TX 76205, in Denton, City of Denton, Denton County, Texas Dear Mr. Engstrom, The City affirms commitment to Overland Property Group, LLC (the Applicant) for The Reserves at Magnolia 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) 349-8307DENTON February 1, 2022 April Engstrom, Development Associate Overland Property Group5341 W. 151 st Terrace Leawood, Kansas 66224 RE: Commitment of Development Funding by Local Political Subdivision for Overland Property Group, LLC for the proposed new construction of The Reserves at Magnolia Apartments located at approximately 1020 N. Willowwood, Denton, TX 76205, in Denton, City of Denton, Denton County, Texas Dear Mr. Engstrom, The City affirms commitment to Overland Property Group, LLC (the Applicant) for The Reserves at Magnolia 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