HomeMy WebLinkAbout(0117) FINAL The Lex on Jessamine.PDFA Resolution
NO.
SUPPORTING A HOUSING TAX CREDIT APPLICATION FOR THE LEX ON JESSAMINE
AND COMMITTING DEVELOPMENT FUNDING
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, The Lex on Jessamine, LLC, an affiliate of Saigebrook Development, LLC and O-
SDA Industries, LLC, has proposed a development for mixed income affordable multifamily rental
housing named The Lex on Jessamine to be located at 2260, 2274 Hemphill Street and 710 W Jessamine
Street in the City of Fort Worth;
WHEREAS, The Lex on Jessamine, LLC 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 Lex on Jessamine apartments, a new complex
consisting of approximately 72 units, of which at least ten percent (10%) of the total units will be set
aside for households earning at or below thirty percent (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; and
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.
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 The Lex on Jessamine, LLC to the Texas Department of Housing and Community Affairs
for 2020 Competitive (9%) Housing Tax Credits for the purpose of the development of The Lex on
Jessamine apartments to be located at 2260, 2274 Hemphill Street and 710 W Jessamine Street (TDHCA
Application No. 20132), 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 The Lex on Jessamine, LLC 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, 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, The Lex on Jessamine, LLC.
Adopted this 18th day of February, 2020.
ATTEST:
By:
Mary I Kayser, City Secretary