HomeMy WebLinkAboutResolution 4412-02-2015 A Resolution
NO. 4412-02-2015
OF NO OBJECTION TO A HOUSING TAX CREDIT APPLICATION
FOR THE STALLION POINTE APARTMENTS
WHEREAS, the City's 2014 Comprehensive Plan is supportive of the preservation,
improvement, 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, Race Place, LP, an affiliate of LDG Development, LLC, a Texas corporation, has
proposed a development for affordable mixed income multifamily rental housing to be named the
Stallion Pointe Apartments, a new approximately 250-unit complex to be located at S. Race Street and
Crimson Lane in the City of Fort Worth; and
WHEREAS, Race Place, LP has advised the City that it intends to submit an application to the
Texas Department of Housing and Community Affairs ("TDHCA") for 2015 Non-Competitive (4%)
Housing Tax Credits to finance a portion of the costs of the development for the Stallion Pointe
Apartments.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS:
1. Notice of intent to file an application for 2015 Non-Competitive (4%) Housing Tax Credits
for the development of the Stallion Pointe Apartments has been provided to the City Council
by Race Place, LP in accordance with the Texas Government Code.
2. The City Council has had sufficient opportunity to obtain a response from Race Place, LP
regarding any questions or concerns about the proposed development.
3. The City Council has held a hearing for the purpose of receiving public comment on the
proposed development in accordance with the Texas Government Code.
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Resolution No. 4412-02-2015
4.
5. The City Council finds, after due consideration of the information provided by Race Place,
LP and any public comment, that the City Council does not object to the application of Race
Place, LP to the Texas Department of Housing and Community Affairs for 2015 Non-
Competitive (4%) Housing Tax Credits for the purpose of the development of the Stallion
Pointe Apartments.
Adopted this 17th day of February, 2015. p'"'� IFORr` 4
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 2/17/2015 - Resolution No. 4412-02-2015
DATE: Tuesday, February 17, 2015 REFERENCE NO.: G-18421
LOG NAME: 17RACEPLACELPRESOLUTION
SUBJECT:
Conduct a Public Hearing and Adopt Resolution of No Objection to the Application by Race Place, LP to
the Texas Department of Housing and Community Affairs for Non-Competitive (4%) Housing Tax Credits
for the Development of the Stallion Pointe Apartments to be Located at South Race Street and Crimson
Lane (COUNCIL DISTRICT 8)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing to allow citizen comment on the application of Race Place, LP to the Texas
Department of Housing and Community Affairs for 2015 Non-Competitive (4%) Housing Tax Credits for
the proposed development of the Stallion Pointe Apartments, a mixed income multifamily development to
be located at South Race Street and Crimson Lane; and
2. Adopt the attached Resolution of No Objection to the application by Race Place, LP to the Texas
Department of Housing and Community Affairs for 2015 Housing Tax Credits for the development of the
Stallion Pointe Apartments.
DISCUSSION:
Race Place, LP is applying to the Texas Department of Housing and Community Affairs (TDHCA) for
2015 Non-Competitive (4%) Housing Tax Credits for the Stallion Pointe Apartments, a mixed income
multifamily development, and has requested support from the City of Fort Worth. TDHCA requires
Housing Tax Credit applicants 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 these TDHCA requirements, the
governing body must also conduct a public hearing for citizens to provide comment on the proposed
development.
The Stallion Pointe Apartments will consist of 250 units, 225 affordable and 25 market rate. The project
will have one, two and three bedroom units on a 21.6 acre site. It will have also have a clubhouse with a
community area and kitchenette, an exercise room, community pool, children's playground and a
gazebo/grill community gathering area as well as gated and secured access with security cameras and
ample lighting through the streets and parking areas.
Following the close of the public hearing, Staff recommends that the City Council approve the attached
Resolution of No Objection for the application for 2015 Non-Competitive (4%) Housing Tax Credits for the
development of the Stallion Pointe Apartments since the development will assist the City in fulfilling its
goals under its Consolidated Plan and Comprehensive Plan by supporting economic development and
providing quality, accessible, affordable housing for low to moderate income residents. The site for the
proposed development is zoned "C" and "CR".
Logname: 17RACEPLACELPRESOLUTION Page 1 of 2
This development is located in COUNCIL DISTRICT 8, Mapsco 106N.
FISCAL INFORMATION /CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO F u nd/Accou nt/C enters FROM Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Cynthia Garcia (8187)
Additional Information Contact: Sarah Odle (7316)
Logname: 17RACEPLACELPRESOLUTION Page 2 of 2