HomeMy WebLinkAboutResolution 4301-02-2014 A Resolution
NO. 4301-02-2014
OF NO OBJECTION TO A HOUSING TAX CREDIT APPLICATION FOR THE RESERVE
AT BOAT CLUB ROAD
WHEREAS, the City's 2013 Comprehensive Plan is supportive of the preservation,
improvernent, and development of quality affordable accessible rental and ownership housing;
WHEREAS, the City'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, MV Residential Development, 1_1.,C, an affiliate of Miller-Valentine Operations,
Inc., an Ohio corporation, has proposed a development for affordable rental housing named the Reserve
at Boat Club Road to be located at Boat Club Road and Cromwell-Marine Creek Road in the City of
Fort Worth;
WHEREAS, MV Residential Development, lA,,C has advised the City that it intends to submit
an application to the Texas Department of Housing and Community Affairs ("TDHCA") for 2014
Competitive 9% Housing Tax Credits for the Reserve at Boat Club Road, a new 168-unit complex; and
WHEREAS, TDHCA's 2014 Qualified Allocation Plan provides that an application for Housing
'Tax Credits may qualify for up to fourteen (14) points for a resolution of no objection from the
governing body of the jurisdiction 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, herby confirms that it has no objection
to the application of MV Residential Development, LLC to the Texas Department of Housing and
Community Affairs for Housing Tax Credits for the purpose of the development of the Reserve at Boat
Club Road to be located at Boat Club Road and Cromwell-Marine Creek Road (Application No. 14033),
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.
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Adopted this 18th day of February, 2014. 01Rr
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By:-
Mary J. Kay ity Secretary 00 00 0100 0 up 4(.27d
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Chi irchill at Champions
Avondale Apartments
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............. 87 377
HomeTowne at Presidio Junction
Heritage Park Vista 11
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1 26
rve at Boat Club Road Sabine Place Apartments
............... .................................
199 377 26 121
183 121
199
183 1
80 87
Art at Palladium View 377 183 Columbia at Renaissance Square
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City of Fort Worth, Texas
Mayor and Council Communication
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COUNCIL ACTION: on 2/18/2014 - Resolution Nos, 4296-02-2014, 4297-02-2014, 429,8"-02-
2014, 4299-02-2014, 4300-02-2414, 4301-02-2014, 4302-02-2014, 4303-02-2014
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DATE: Tuesday, February 18, 2014 REFERENCE NO.: C-26671
LOG NAME: 172014HOUSINGTAXCREDITRESOLUTIONS
SUBJECT:
Adopt Policy on Requests for Resolutions for Applications to the Texas Department of Housing and
Community Affairs for 2014 Competitive 9% Housing Tax Credits, Adopt Resolutions for 2014 Applications
for Multifamily Housing Developments Located at Various Sites Throughout the City, and Approve
Development Funding for Zenstar Development, LLC and Columbia Renaissance Square I, L.P.
(COUNCIL DISTRICTS 2, 3, 4, 7 and 8)
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt policy on requests for resolutions for applications to the Texas Department of Housing and
Community Affairs for 2014 Competitive 9% Housing Tax Credits;
2. Acknowledge receipt of requests for support for 2014 Competitive 9% Housing Tax
Credit applications from the Developers listed below;
3. Adopt the attached resolutions for 2014 applications for Competitive 9% Housing Tax
Credits for the multifamily housing developments listed below located at various locations
throughout the City in accordance with the policy; and
4. Approve development funding from City HOME Investment Partnerships Program grant funds
in the amount of $1,500,000.00 to Zenstar Development, LLC and in the amount of $1,200,000.00
to Columbia Renaissance Square I, L.P., such funding to be conditioned upon, among other things,
an award of Housing Tax Credits and satisfactory completion of federal requirements.
DISCUSSION:
Resolutions for 9% Housing Tax Credits
The Texas Department of Housing and Community Affairs (TDHCA) uses the scoring criteria set out in its
annual Qualified Allocation Plan (QAP) in evaluating and ranking applications for Competitive 9%Housing
Tax Credit (HTC). TDHCA's 2014 QAP and Section 2306.6710 of the Texas Government Code state that
applications may qualify for up to 17 points if they include a resolution of support from the governing body
of the jurisdiction in which the proposed development site is located. Resolutions that state that the
jurisdiction supports the proposed development are worth maximum points while resolutions stating that
the jurisdiction has no objection to the proposed development are worth fewer points.
Staff recommends the following policy for providing HTC resolutions:
1. In order for an application for development to be eligible to receive a Resolution of Support, the
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developments must have, at a minimum, evidence of a firm commitment of local public funding and
appropriate zoning.
2. AD application for development that does not have evidence [f a firm commitment 0f local public
funding and/or does not have appropriate zoning will be eligible to receive, at most, a Resolution of No
Objection.
Therefore, Staff recommends Council adopt the attached ReSO|UhOOs Of Support for:
• Avondale Apartments developed by A&1TE)(AxOnda|e, LP. an affiliate OfAM{|AL Multi-Housing Inc.,
|DC5ked at Avondale Hoo|pt Rood and Route 287, Fort Worth, Texas (M8pSCO 4V. 4Z, 5G, 5VV)
• Columbia at Renaissance Square developed by CD|UrObi@ F<eDaiSs@OCe Square |. LP., an affiliate Of
New Columbia Residential, LLC. located at 3801 W. G. Daniels [)[iVe' Fort Worth, Texas (&1opoCO
78X)
• Sabine P|8C8 Apartments (Rehab) developed by Think Housing DeY8|OpnneDt LLC' on affiliate Of
AJ@r@ Ventures, LLC and Pnaaen/otiVn Partners Development |||. LLC. |OC3ded at 1215 Terminal
FlOad, Fort VVndh. Texas /Map000 48V>
• Art at Palladium View developed by Zenator Development, LLC. located at VVeotpoint Boulevard and
West Loop 820 South, Fort Worth, Texas /N1apScO 72[}\
• Heritage Park Vista Phase Two developed by Heritage Park Vista Housing Partners Two, Ltd . on
affiliate Of NuROCh Acquisitions, LLC. located at 8729 Ray White RD@d, Fort Worth, Texas (&1opoCO
3GC)
• Churchill at Champions Circle developed by Churchill at (}h8DlpiOnS Circle COnnrnunitv' L.P., on
affiliate of Churchill Residential, Inc., located at Champions Circle, Fort Worth, Texas (&1opoCO
O43T)
Staff recommend that the City Council adopt the attached Resolutions of No Objection for-,
• Reserve at Boot Club Road developed by MV Residential Development LLC, an affiliate Of Miller-
Valentine Operations Inc., located at Boat Club Road and Cromwell-Marine, Fort VVodh.
Texas (&1op000 40C)
• HomeTOwne at Preaidio Junction developed by HonleTOvvne at Pnasidio Junction, LP, an affiliate Of
Integrated Housing Solutions, LLC. located at Harmon Road and PraaidioVista Drive, Fort Worth,
Texas (Mapaoo 35A)
HOmeTOwne at PreoidiO Junction receive a F|esO|UtiOO of Support instead of Resolution Of NO Objection
since the application meets the policy guidelines.
Approve Local Funding
The 2014 QAP also awards points for a ConOrUitrO8Ot of development funding by o |000| political
subdivision. Staff presented the results of the Request for Proposals for use of City HC>&1E Investment
Partnerships Program (HOME) grant funds for housing developments to the Housing and Economic
Development Committee on January 7' 2014 and recommended that the City ovvord $1.500.000.00 Of
HOME funds to Zenotar Development, LLC for the Art at Palladium View, and $1.200.000.00 of HOME
funds to Columbia Renaissance Square |. L.P. for the Columbia at Renaissance Square. The City will
provide these HOME funds as permanent |o@DS for m rnininnunn term of 15 years, amortized over a 30-ye@[
poriod, at on interest rate no higher than three percent per annunn, with the loans conditioned upon,
among other things, an 8vVand Of Housing Tax Credits and satisfactory completion of regulatory
requirements. Staff will present separate Mayor and Council Communications for the deVo|DpnneOtS to
Council once all other |O8n terms have been negotiated.
All of these developments are subject to the applicable City |avva, ordinanoeS, policies and procedures.
The developments are located in COUNCIL DISTRICTS 2, 3, 4, 7 and 8, Mapsco 4V, 4Z, 5S, 5W, 35A,
36C, 46C, 48V, 72D, 78X and 643T.
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO Fund/AccounVCenters FROM Fund/AccounVCenters
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Jay Chapa (5804)
Cynthia Garcia (8187)
Additional Information Contact: Avis Chaisson (6342)
ATTACHMENTS
1. Avondale Apartments Resolution.doc (Public)
2. Churchill Champions Resolution.doc (Public)
3. Columbia Development Resolution.doc (Public)
4. Heritage Park Vista Resolution.doc (Public)
5. Hometowne Presidio Resolution.doc (Public)
6. Reserve BoatClubRd Resolution.doc (Public)
7. RFPMAP All Developments.pd (Public)
8. Sabine Place Resolution.doc (Public)
9. Zenstar Development Resolution.doc (Public)
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