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Home My WebLink AboutResolution 4255-10-2013 A Resolution NO. 4255-10-2013 SUPPORTING A HOUSING TAX CREDIT APPLICATION FOR THE REDEVELOPMENT OF THE HUNTER PLAZA APARTMENTS WHEREAS, the City of Fort Worth's 2013 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 low income residents of the City a high priority; WHEREAS, FW Hunter Plaza, L.P., an affiliate of Fort Worth Housing Authority, has proposed to rehabilitate the Hunter Plaza Apartments located at 601 W I" Street in downtown Fort Worth into a mixed use, mixed income multifamily rental development to be known as the Hunter Plaza Carlton Residential Apartments; WHEREAS, FW Hunter Plaza, L.P. intends to submit an application to the Texas Department of Housing and Community Affairs for 2014 non-competitive four percent Housing Tax Credits to finance a portion of the costs of the redevelopment; and WHEREAS, on December 13, 2011 and June 12, 2012, the City Council approved a loan of $1,800,000.00 of HOME Investment Partnerships Program grant funds to the partnership for a portion of the costs of the redevelopment and to show the City's support of the project (M&Cs C-25369 and C- 25662). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,TEXAS, THAT: I. Notice of intent to file an application for Housing Tax Credits for the redevelopment of the Hunter Plaza Apartments has been provided to the City Council by FW Hunter Plaza, L.P. in accordance with the Texas Government Code. 2. The City Council has had sufficient opportunity to obtain a response from FW Hunter Plaza, L.P. regarding any questions or concerns about the proposed redevelopment. 3. The City Council has held a hearing for the purpose of receiving public comment on the proposed redevelopment. &qRT�WT Resolution No. 4255-10-2013 4. The City Council finds, after due consideration of the information provided by FW Hunter Plaza, L.P. and any public comment on the proposed development, that the City Council does not object to the application of FW Hunter Plaza, L.P. to the Texas Department of Housing and Community Affairs for 2014 four percent non-competitive Housing Tax Credits for the purpose of the redevelopment of the Hunter Plaza Apartments. Adopted this 22nd day of October, 2013. ATTEST: IFORr 4 0000000 004�.' %0 0 0 'X O.T 0 ...........— t Mary J. Kayse ere "0*_ _ 00 0 10 00000 ICY RT WORT A �� /u�� '�'u� � / /�/�� 'l�✓Y�rU� ?P � �N' �y,'N!� ,i, If r��,�. "lh / s ' y r l ri+ I 1 / � �'1; /i «✓" .;!r �/,( • � ,' n Div � i �, � � r / w n f / I. I � I qlp � � /�' iJp �, 10 uo✓ Flo lr� �: ��(��IINI�Ii� /% r u �"1 lul r j / r III' IIIIIIIVII �o %/ / "` I �� w tiu`�ufi IIIIIIIII 'r N City of Fort Worth, Texas Mayor and Council Communication enwnunaiwnnw!rurmimiwnsoawwao!a!a uinrncauouni!nfixmry msvr u mrxi nnuAYl ,rraV!eu✓hrrn @?Y1,PmureNiaarveamwwa aRArruuu(alnvl!roertikmrauluunuulrrY9 rrmu?Wau'1Mw!rvoOlM1irvlt'rJraaaa tir rlxrrrtwrdWOattlrt(aundr wLfrndauaNLrrrrra i aGrrR rur i IDi . 1+ /!/Fr R a/aax.ra!lltrcfArrttnw'knFlbmiuuimfiirzrol d!N'tlen,Ynmuv'MnwwnarNNwwni¢rrXroldV.mfiFSnmm/¢mitJmrrriau6NdfnMrvrtNlWm'ama4mRa?1IVNAiuoM4nwamriun,',6%.fidnrmlmuiaagflNPoM9hMJmiwIXmniMmIlulWndw5Yrt4'dlnwaUniYArvi6w,W4 COUNCIL ACTION: Approved on /0122/2013 - Resolution No.4255-40-2013- , mwnnuuwirommuvmnw'rvumliruuwawuarwurdramnwasa�ammmwrrmvwnmsvnua;nw.ramraauiaw.muuu!!mmuvmrtatrtimnmraaorcei uu wtitrvwvivQamuvnnsarunme!oumi?,ry mmrvnrnr§nm ,o¢n !msrymr✓,m vm, meuam�n+mnurai mnwnm.mrtmaimuwmsamreaa uunvuvxuanommmmmuuaum!grua!wnnu raav!rwwrauvmmmwummmunu!mammrnmounowiromnrenimmnw!omnlmnmumipircmw.wawnnwwvnumaww.mamrommrwmmm!m!rtnuaurommrvnwenanwaNmw�wuwrvwwnnw Jmurew;wma DATE: Tuesday, October 22, 2013 REFERENCE NO.: G-18050 LOG NAME: 17HUNTER PLAZA PROJECT/RESOLUTION SUBJECT: Conduct a Public Hearing and Adopt Resolution Supporting a Housing Tax Credit Application by FW Hunter Plaza, L.P., for the Redevelopment of the Hunter Plaza Apartments to be Located at 601 W. 1st Street (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council: 1. Conduct a public hearing to allow citizen comment on the application of FW Hunter Plaza, L.P., for Housing Tax Credits for the proposed redevelopment of the Hunter Plaza Apartments located at 601 W. 1 st Street; and 2. Adopt the attached Resolution supporting the application by FW Hunter Plaza, L.P., to the Texas Department of Housing and Community Affairs for 2014 for four percent Housing Tax Credits for the redevelopment of the Hunter Plaza Apartments into a mixed-use, mixed-income multifamily development to be known as the Hunter Plaza Carlton Residential Apartments. DISCUSSION: On December 13, 2011 and June 12, 2012, the City Council approved an allocation of HOME Investment Partnerships Program grant funds in the total amount of$1,800,000.00 for a portion of the costs of the redevelopment of the Hunter Plaza Apartments by FW Hunter Plaza, L.P. (M&Cs C-25369 and C- 25662). The partnership originally applied i'n 2012 for nine percent Housing Tax Credits but did not score high enough in that round to receive them. The partnership now intends to submit an application for 2014 for four percent noncompetitive Housing Tax Credits and multifamily bonds as part of the financing of the costs of the redevelopment. The Hunter Plaza Apartments, owned by the Fort Worth Housing Authority (FWHA), are currently vacant. The 11-story complex previously housed 225 public housing units for elderly and disabled persons. The redevelopment of the project by FW Hunter Plaza, L.P., an affiliate of the FWHA, will consist of renovating the building into a mixed-use, mixed-income development with retail/commercial space on the ground floor and a total of 164 rental units on the upper floors. Thirty percent of the units will be market rate and 70 percent will be affordable to households earning 60 percent or less of Area Median Income. The development will also feature a parking garage that will be for use by both the residents and customers for the retail/commercial space. The Texas Department of Housing and Community Affairs (TDHCA) now requries applicants for Housing Tax Credits 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 the TDHCA requirements, the governing body must also conduct a public hearing for citizens to provide comments on the proposed development. Logname: 17HUNTER PLAZA PROJECT/RESOLUTION Page 1 of 2 Following the close of the public hearing, Staff recommends that the City Council approve the attached Resolution supporting the application for 2014 for four percent Housing Tax Credits for the Hunter Plaza Apartments since it will assist the City in fulfilling its goals under it's Consolidated Plan and Comprehensive Plan by supporting economic development and providing quality, accessible, affordable housing for low to moderate income residents in downtown Fort Worth. This development is located in COUNCIL DISTRICT 9. FISCAL INFORMATION /CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND CENTERS: TO Fund/Account/Centers FROM Fund/Account/Centers CERTIFICATIONS: Submitted for City Manager's Office by: Fernando Costa (6122) Originating Department Head: Jay Chapa (5804) Cynthia Garcia (8187) Additional Information Contact: Leticia Rodriguez (7319) Logname: 17HUNTER PLAZA PROJECT/RESOLUTION Page 2 of 2