HomeMy WebLinkAboutIR 8671INFORMAL REPORT TO CITY COUNCIL MEMBERS
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To the Mayor and Members of the City Council
No. 8671
March 24. 2005
Page 1 of 1
SUBJECT: AVENTINE TARRANT PARKWAY APARTMENT DEVELOPMENT
The purpose of this report is to provide City Council with information regarding the Aventine
Tarrant Parkway Apartment development. This project was the subject of comments by several
citizens during the City Council meeting on February 8, 2005. The project, which is currently
under construction, is addressed as 5551 N Tarrant Parkway and located at the intersection of
the 8400 block of Park Vista Boulevard and the 5400 block of North Tarrant Parkway, it was
zoned "C" Medium Density Multifamily before 2001. Building permit #PB04 -16331 for construction
of the project complex office was issued November 29, 2004.
Other applications associated with this project include:
• Final Plat #FS -004 -209 approved in October 2004
• Unified Residential Site -plan #UR -004 -013 approved in October 2004
In January 2005, the Board of Adjustment approved a variance request allowing:
• Construction of a sidewalk in the required landscaped front yard where none is permitted;
and
Construction of a sidewalk to the parking area and an exception to the provision requiring
a six -foot screen type fence.
This project was funded by the Texas Department of Housing and Community Affairs' Private
Activity Bond Allocation and Low Income Housing Tax Credit Program in 2004 and consists of
240 units affordable to individuals with incomes less than 60% of the area median income. The
units consist of 76 one - bedroom, 100 two- bedroom, and 68 three - bedroom units. The project will
contain secured entry, two playgrounds, a swimming pool, computer room, laundry facilities,
energy saving appliances, and will be ADA compliant. The total project cost is $20,428,000.
The Tarrant County Housing Finance Corporation was the Bond issuer for this project and the
transaction dosed on September 23, 2004. Prior to closing, the developer's representative
contacted the County Commissioner and the Park Glen Neighborhood Association. The
developer's agreement to reduce the density of the complex include controlled access gates,
constructing brick screen walls along Tarrant Parkway, and offering two units to police officers at
a 50% discount for 24 months. The Park Glen Neighborhood Association issued a letter of project
support on June 19, 2004. The City played no role in the development of this property. It is
estimated that lease up for this project will begin in August of 2005. Should you require any
additional information, please advise.
cLsa.&t4tu
Charles R. Boswell
City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS