HomeMy WebLinkAboutRES 022707-U - Sierra Ridge Tax ApplicationRESOLUTION NO. 022707
A RESOLUTION OF THE C1'1 Y COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS APPROVING A HOUSING TAX CREDIT PROPOSAL WITH
GEORGETOWN SIERRA RIDGE HOUSING, L.P. FOR THE DEVELOPMENT
NAMED SIERRA RIDGE APARTMENTS LOCATED AT THE
INTERSECTION OF NORTHWEST BLVD AND WASHAM DR.;
AUTHORIZING THE CITY MANAGER TO EXECUTE THE AMENDMENT;
AND DECLARING AN EFFECTIVE DATE
WHEREAS, the Development Owner is applying for tax credits from the Texas Department of
Housing & Community Affairs (" I'UHCA') for the development of the above -mentioned
project;
WHEREAS, the Development Owner, pursuant to an award of tax credits, intends to develop,
own, and manage mixed -income housing in Georgetown, Texas, for moderate to low-income
residents;
WHEREAS, the City of Georgetown has received awards of tax credits more than twice the state
average of units per capita;
WHEREAS, under 10 Texas Admin Code 50.5(a)(7) ("2007 Qualified Allocation Plan"), the City
Council of the City of Georgetown must advise TDHCA that the City would support and
authorize an allocation of credits for Sierra Ridge Apartments; and
WHEREAS, the City Council of the City of Georgetown and the Development Owner have
recognized a mutually beneficial need to secure tax credits for the above -mentioned
development.
NOW, THEREFORE, the City Council of the City of Georgetown hereby resolves that the City
fully supports the Sierra Ridge Apartments proposal and recommends approval of the tax
credit application by the Texas Department of Housing & Community Affairs in accordance
with 10 Texas Admin. Code 50.5(a)(7)(B) ("2007 Qualified Allocation Plan").
Adopted and approved by the City Council of the City of Georgetown on the day of
'WA 14007.
ATTEST:
r.
Sandra D. Lee Gary ,.gelon
City Secretary Mayor
THE CITY OF GEORGETOWN
Resolution No.
GEORGETOWN SIERRA RIDGE HOUSING, L.P.
HOUSING TAX CREDIT PROPOSAL
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APPROVED AS TO FORM:
Patricia E. Carls
City Attoniey
Resolution No.
GEORGETOWN SIERRA RIDGE HOUSING, L.P.
HOUSING TAX CREDIT PROPOSAL
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