HomeMy WebLinkAboutResolution 4578-01-2016 A Resolution
NO. 4578-01-2016
OF NO OBJECTION TO SUPPORT A HOUSING TAX CREDIT APPLICATION FOR
THE DEVELOPMENT OF THE MERCANTILE APARTMENTS
WHEREAS, the City of Fort Worth's 2015 Comprehensive Plan is supportive of the
preservation, improvement, and development of quality, affordable, accessible rental and
ownership housing;
WHEREAS, the City of Fort Worth's 2013-2018 Consolidated Plan makes the
development of quality, affordable, accessible rental housing units for the City's low income
residents a high priority;
WHEREAS, Mercantile Apartments Ltd. has proposed a mixed income multifamily
rental housing development to be named the Mercantile Apartments to be located at the
northwest intersection of Northern Cross Boulevard and Endicott Avenue near Northeast Loop
820, which will include units affordable to households with incomes at or below 60% of Area
Median Income,permanent supportive housing units, and market rate units; and
WHEREAS, Mercantile Apartments Ltd. has advised the City that it intends to submit an
application to the Texas Department of Housing and Community Affairs for 2016 Non-
Competitive (4%) Housing Tax Credits to finance a portion of the costs of the development.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS, THAT:
1. Notice of intent to file an application for Non-Competitive (4%) Housing Tax Credits
for the development of the Mercantile Apartments has been provided to the City
Council by Mercantile Apartments Ltd. in accordance with Section 2306.67071(a) of
the Texas Government Code.
2. The City Council has had sufficient opportunity to obtain a response from Mercantile
Apartments Ltd. regarding any questions or concerns about the proposed
development.
3. The City Council has held a hearing for the purpose of receiving public comment on
the proposed development in accordance with Section 2306.67071(b) of the Texas
Government Code.
ORT WORT
4. After due consideration of the information provided by Mercantile Apartments Ltd.
and any public comment on the proposed development, the City Council does not
object to the application of Mercantile Apartments Ltd. to the Texas Department of
Housing and Community Affairs for 2016 Non-Competitive (4%) Housing Tax
Credits for the purpose of the development of the Mercantile Apartments.
Adopted this 26th day of January, 11,'
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 1/26/2016 -Resolution No. 4578-01-2016
DATE: Tuesday, January 26, 2016 REFERENCE NO.: G-18654
LOG NAME: 19MERCANTILEAPARTMENTSRESOLUTION
SUBJECT:
Conduct a Public Hearing on the Application by Mercantile Apartments Ltd., to the Texas Department of
Housing and Community Affairs for Non-Competitive Housing Tax Credits for the Development of the
Mercantile Apartments to be Located at the Northwest Intersection of Northern Cross Boulevard and
Endicott Avenue Near Northeast Loop 820 and Adopt Resolution of No Objection to the Application
(COUNCIL DISTRICT 4)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing to allow citizen comment on the application of Mercantile Apartments Ltd., to
the Texas Department of Housing and Community Affairs for 2016 Non-Competitive (4%) Housing Tax
Credits for the proposed development of the Mercantile Apartments, a mixed income multi-family
development to be located at the northwest intersection of Northern Cross Boulevard and Endicott Avenue
near Northeast Loop 820; and
2. Adopt the attached Resolution of No Objection to the application by Mercantile Apartments Ltd., to the
Texas Department of Housing and Community Affairs for 2016 Non-Competitive (4%) Housing Tax
Credits for the development of the Mercantile Apartments.
DISCUSSION:
Mercantile Apartments Ltd., an affiliate of NRP Group, LLC (NRP), is applying to the Texas Department of
Housing and Community Affairs (TDHCA) for 2016 Non-Competitive (4%) Housing Tax Credits for the
Mercantile Apartments, a mixed income multi-family development and has requested support from the City
of Fort Worth. TDHCA requires Housing Tax Credit applicants to provide a Resolution of No Objection
from the governing body of the jurisdiction in which the proposed development will be sited. As part of
these TDHCA requirements, the governing body must also conduct a public hearing for citizens to provide
comment on the proposed development.
The Mercantile Apartments will have approximately 324 units, of which a negotiated number will be market
rate and permanent supportive housing units with the remainder to be affordable to households with
incomes at or below 60 percent of Area Median Income. The proposed development will have one, two,
three and four bedroom units. Property amenities include remote control gate access, energy efficient
appliances and resident services.
At its next scheduled meeting on February 2, 2016, the Fort Worth Housing Finance Corporation
(FWHFC) Board of Directors will consider partnering with NRP by becoming the general partner of the
Mercantile Apartments Ltd., the entity that will construct, own and manage the Mercantile Apartments. In
addition to becoming the general partner, the FWHFC will consider serving as the general contractor and
owning the land.
Logname: 19MERCANTILEAPARTMENTSRESOLUTION Page 1 of 2
Following the close of the public hearing, Staff requests that the City Council consider the attached
Resolution of No Objection to support the application for 2016 Non-Competitive (4%) Housing Tax Credits
for the development of the Mercantile Apartments. The development could assist the City in fulfilling its
goals under its Consolidated Plan and Comprehensive Plan by supporting economic development and
providing quality, accessible, affordable housing for low to moderate income residents. The site for the
proposed development is zoned "PD/D" - High Density Multi-Family.
This development is located in COUNCIL DISTRICT 4, Mapsco 49M and 50J.
This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that approval of the above recommendations will
have no material effect on the Fiscal Year 2016 Budget.
FUND IDENTIFIERS (FIDs):
TO
Fund Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year Chartfield 2
FROM
Fund Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year Chartfield 2
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Aubrey Thagard (8187)
Additional Information Contact: Avis F. Chaisson (6342)
Logname: 19MERCANTILEAPARTMENTSRESOLUTION Page 2 of 2