HomeMy WebLinkAboutRES 110910-L - Gateway NorthwestRESOLUTION NO.1 IV
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS APPROVING THE APPLICATION FOR HOUSING TAX CREDITS
AND FOR HOME FUNDS BY THE DEVELOPMENT' OWNER, THE TEXAS
HOUSING FOUNDATION AND/OR THE AFFILIATED ENTITY THF
GATEWAY NORTHWEST, L.P. FOR THE DEVELOPMENT TO BE NAMED
GATEWAY NORTHWEST APARTMENTS LOCATED AT THE
NORTHWEST CORNER OF NORTHWEST BOULEVARD AND WASHAM
DRIVE; AND DECLARING AN EFFECTIVE DATE
WHEREAS, on October 26, 2010, the City Council adopted a Resolution authorizing the Texas
Housing Foundation to exercise its powers within the territorial boundaries of the City of
Georgetown and authorizing a cooperation agreement; and
WHEREAS, this cooperation agreement pertained only to the land and project previously
referred to as Sierra Ridge; and
WHEREAS, the land and project is at the Northwest Corner of Northwest Boulevard and
Washam Drive; and
WHEREAS, the Development Owner or their assignee or an affiliated party is or will be
applying for tax credits and HOME Inveslinent Partnership Program ("HOME") funds from the
Texas Department of Housing & Community Affairs ("TDHCA") for the construction of the
above -mentioned project; and
WHEREAS the Development Owner, pursuant to an awardof tax credits and HOME funds,
intends to develop, construct, own, and manage mixed -income housing in Georgetown, Texas,
for moderate to low-income residents; and
WHEREAS, the City of Georgetown has more than twice the state average of units per capita
supported by Housing Tax Credits or private activity bonds, and
WHEREAS, under the draft rules for the 2011 Housing Tax Credit Program, 10 Texas Admin
Code 49.8(a)(2)(A), the City Council of the City of Georgetown must advise TDHCA that the
City v ould support and authorize an allocation of credits and HOME funds for Gateway
Northwest Apartments; and
WHEREAS, under the draft rules for the 2011 Housing Tax Credit Program, 10 Tex. Admin.
Code 49.9(a)(5), which gives Housing Tax Credit points for the commitment of development
funding by Units of General Local Government, states that the THDCA HOME program funds
will not quahfy for points in this category unless a resolution is submitted with the Application
from the Governing Body of the Unit of General Local Government authorizing the Applicant
Resolution No
THF GATEWAY NORTHWEST, L.P.
HOUSING TAX CREDIT AND HOME PROPOSAL
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to act on behalf of the Governing Body of the Unit of General Local Government in applying for
HOME funds from 1'DHCA for the particular application; and
WHEREAS, the City Council of the City of Georgetown and the Development Owner have
recognized a mutually beneficial need for the Development Owner to secure tax credits for the
above -mentioned development.
NOW, THEREFORE, the City Council of the City of Georgetown hereby resolves that:
Section 1. That the City fully supports the Gateway Northwest Apartments proposal and
recommends approval of the application for tax credits and HOME Funds to the Texas
Deparllitent of Housing & Community Affairs in accordance with the proposed 10 Texas
Admin. Code 49.8(a)(2)(A) and 49.9(a)(5) and that the City Council of the City of Georgetown
hereby authorizes the Development Owner, Texas Housing Foundation and/or the affihated
limited partnership THF Gateway Northwest, L.P. to act on behalf of the City of Georgetown in
applying for TDHCA HOME funds for the construction of Gateway Northwest Apartments.
Section 2. That this Resolution shall not obligate any monetary coutmitntent from the City
of Georgetown and the City shall not be liable for any expenditure on this project.
Section 3. That this resolution shall be effective on the date of passage by the City Council.
Adopted and approved by the City Council of the City of Georgetown on the 9th day of
November, 2010.
ATTEST:
APPROVED AS TO FORM:
City Attorney
THE TY OF GEORGETOWN:
Mayor
Resolution No. I I
THF GATEWAY NORTHWEST, L.P.
HOUSING TAX CREDIT AND HOME PROPOSAL
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