HomeMy WebLinkAboutR2005-025RESOLUTION NO. i(J./J/)CJ- (}J, 5'"
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS
APPROVING LOW-MODERATE INCOME HOUSING TAX CREDITS AND TAX EXEMPT
BONDS PROVIDED BY THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY
AFFAIRS FOR PROVIDENCE PLACE II, A MULTI-FAMILY DEVELOPMENT
GENERALLY LOCATED IN THE 3500 BLOCK OF HUDSONWOOD DRIVE IN THE CITY
OF DENTON, TEXAS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Texas Department of Housing and Community Affairs (TDHCA) has
received an application from Quail Creek South, LP, a Texas limited partnership for tax-exempt
bonds and 4% tax credits for the Providence Place II project, located at approximately the 3500
block of Hudsonwood Drive, Denton, Texas 76208; and
WHEREAS, under the rules in the 2005 Qualified Allocation Plan and Rules (QAP), if
the development is located in a municipality that has more than twice the State average of units
per capita supported by Housing Tax Credits or Private Activity Bonds, the applicant must
obtain prior approval of the development from the governing body of the municipality in which
the proposed development is located; and
WHEREAS, as a condition for being awarded the Private Activity Bond allocation from
the Texas Bond Review Board, the Applicant has committed to renting 100% of the units to
residents with household incomes capped at 60% or below the Area Median Family Income
AMFI), in compliance with the maximum Low Income Tax Credit rents as published by the
TDHCA;
WHEREAS, the Providence Place II project will provide needed affordable housing
while paying full property taxes assessed by the local taxing units; and
WHEREAS, the City of Denton desires to support the development of this housing;
NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES
SECTION 1. The City of Denton approves and supports the Providence Place II project,
limited to a maximum of 252 multifamily housing units comprised of approximately 51 one
bedroom units, 113 two bedroom units, and 88 three bedroom units located at approximately the
3500 block of Hudsonwood Drive, Denton, Texas 76208 and further supports the award of tax-
exempt bonds and 4% low income housing tax credits pursuant to §49.5(a)(7)-(8) of the
Qualified Allocation Plan, subject to the conditions set forth herein.
SECTION 2. Prior to receiving a conditional City of Denton building permit required by
TDHCA prior to closing on the tax credits, the Project Developer will comply with the City of
Denton Building Inspection Department with regard to security related design standards and
other site design standards required by the City of Denton.
SECTION 3. The City Manager is authorized to deliver a copy of this resolution to the
Applicant and the TDHCA with a written statement of support by the City Council referencing
49.5(a)(7)-(8) of the Qualified Allocation Plan, subject to the conditions set forth herein.
SECTION 4. This resolution shall take effect immediately from and after its passage.
PASSED AND APPROVED this the :lfiL day of Y/(j1 ¡J./ ,2005.
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ATTEST:
JENNIFER WALTERS, CITY SECRETARY
APPROVED AS TO FORM:
EDWIN M. SNYDER, INTERIM CITY ATTORNEY
BY:
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