HomeMy WebLinkAbout(0109) FINAL Palladium Fain Street.PDFA Resolution
NO.
SUPPORTING A HOUSING TAX CREDIT APPLICATION FOR PALLADIUM FAIN STREET
APARTMENTS, COMMITTING DEVELOPMENT FUNDING, DETERMINING THAT
PALLADIUM FAIN STREET APARTMENTS CONTRIBUTES MORE THAN ANY OTHER
DEVELOPMENT TO THE CITY'S CONCERTED REVITALIZATION EFFORTS IN
NEIGHBORHOOD EMPOWERMENT ZONE AREA FOUR, AND ACKNOWLEDGE THAT
PALLADIUM FAIN STREET APARTMENTS IS LOCATED ONE LINEAR MILE OR LESS
FROM A DEVELOPMENT THAT SERVES THE SAME TARGET POPULATION
WHEREAS, the City's 2019 Comprehensive Plan is supportive of the preservation,
improvement, and development of quality, affordable, accessible housing;
WHEREAS, the City's 2018-2022 Consolidated Plan makes the development of quality,
affordable, accessible rental housing units for low income residents of the City a high priority;
WHEREAS, Palladium Fain Street, Ltd., an affiliate of Palladium USA, Inc., has proposed a
development for affordable multifamily rental housing named Palladium Fain Street Apartments to be
located at 4001 Fain Street in the City of Fort Worth;
WHEREAS, Palladium Fain Street, Ltd. has advised the City that it intends to submit an
application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2020
Competitive (9%) Housing Tax Credits for the Palladium Fain Street Apartments, a new complex
consisting of approximately 90 units, of which at least ten percent (10%) of the total units will be set
aside for households earning at or below 30% Area Median Income and at least ten percent (10%) of
the total units will be market rate units;
WHEREAS, TDHCA's 2020 Qualified Allocation Plan ("QAP") provides that an application
for Housing Tax Credits may receive seventeen (17) points for a resolution of support from the
governing body of the jurisdiction in which the proposed development site is located;
WHEREAS, the QAP also states that an application may receive one (1) point for a commitment
of development funding from the city in which the proposed development site is located;
WHEREAS, the QAP also provides that an application may qualify for an additional two (2)
points if a development is explicitly identified in a resolution as "contributing more than any other to the
concerted revitalization efforts" of a municipality;
WHEREAS, the City created Neighborhood Empowerment Zones ("NEZ") beginning in 2001
in accordance with Chapter 378 of the Texas Local Government Code in order to promote affordable
housing and economic development in the designated zones. The City consolidated its 20 NEZs into (6)
NEZs in January 2019 (M&C G-19469). All of the City's NEZs are included in the City's annual
Comprehensive Plan as part of its goal of revitalizing central city neighborhoods and commercial
districts (2018 Comprehensive Plan, Part II, Chapter 5:Housing);
WHEREAS, the Palladium Fain Street Apartments are located in NEZ Area Four; and
WHEREAS, the City has determined that the application for Palladium Fain Street Apartments
submitted to TDHCA by Palladium Fain Street, Ltd. qualifies as the development contributing more
than any other to the concerted revitalization efforts of the City in NEZ Area Four; and
WHEREAS, the QAP states that the governing body of the appropriate municipality where the
development is to be located must by vote specifically allow the construction of a new development
located within one (1) linear mile or less from a development which serves the same target population.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS:
The City of Fort Worth, acting through its City Council, hereby confirms that it supports the
application of Palladium Fain Street, Ltd. to the Texas Department of Housing and Community Affairs
for 2020 Competitive (9%) Housing Tax Credits for the purpose of the development of the Palladium
Fain Street Apartments to be located at 4001 Fain Street (TDHCA Application No. 20025), and that this
formal action has been taken to put on record the opinion expressed by the City Council of the City of
Fort Worth.
The City of Fort Worth, acting through its City Council, additionally confirms that it will commit
to fee waivers in an amount not exceed $2,500.00 to Palladium Fain Street, Ltd. conditioned upon its
receipt of Housing Tax Credits. The City Council also finds that the waiver of such fees serves the
public purpose of providing quality, accessible, affordable housing to low and moderate income
households in accordance with the City's Comprehensive Plan and Action Plan, and that adequate
controls are in place through the City's Neighborhood Services Department to carry out such public
purpose.
The City of Fort Worth, acting through its City Council, hereby identifies Palladium Fain Street
Apartments (TDHCA Application No. 20025) as the development in the 2020 Competitive (9%)
Housing Tax Credit Application round that contributes more than any other to the concerted
revitalization efforts of the City in Neighborhood Empowerment Zone Area Four, and that this formal
action has been taken to put on record the opinion expressed by the City Council of the City of Fort
Worth.
The City of Fort Worth acknowledges that Palladium Fain Street Apartments is located one (1)
linear mile or less from a development that serves the same target population as the proposed Palladium
Fain Street Apartments and has received an allocation of Housing Tax Credits for new construction and
adaptive reuse after January 3, 2017.
The City of Fort Worth, acting through its City Council, further confirms that the City has not first
received any funding for this purpose from the applicant, affiliates of the applicant, consultant, general
contractor or guarantor of the proposed development or any party associated in any way with the
applicant, Palladium Fain Street, Ltd.
Adopted this 18th day of February, 2020.
ATTEST:
By:
Mary J. Kayser, City Secretary