HomeMy WebLinkAboutRES 022806-U - Bluffs Landing ApartmentsRESOLUTION 2006- .
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS,
SUPPORTING A DEVELOPMENT TO BE KNOWN AS BLUFFS LANDING APARTMENTS, A
152 UNIT DEVELOPMENT FOR FAMILIES TO BE LOCATED AT CR 151 AND NORTH
AUSTIN AVE IN GEORGETOWN, TEXAS, 78626. THE APPLICANT BEING DDC BLUFFS
LANDING, LTD ; AUTHORIZING A PREDEVELOPMENT LOAN TO THE PROJECT IN THE
AMOUNT OF $600,000; AND AUTHORIZING THE MAYOR TO ACT AS THE EXECUTIVE
OFFICER AND AUTHORIZED REPRESENTATIVE IN ALL MATTERS PERTAINING TO THE
CITY'S SUPPORT AND FUNDING OF THIS DEVELOPMENT.
WHEREAS, the City has determined that there exists a need for affordable housing in the City;
WHEREAS, DDC BLUFFS LANDING, LTD. (the "Owner") proposes to develop and construct
the BLUFFS LANDING Apartments (the "Housing") to provide affordable housing and proposes
to finance such development and construction in part, with the low-income housing tax credit
("Tax Credit') program administered by the Texas Department of Housing and Community
Affairs ("TDHCA");
WHEREAS, Georgetown is a municipality that has more than twice the state average of units
per capita supported by Tax Credits;
WHEREAS, the City desires to support the development and construction of the Housing and
approve the Owner s application to TDHCA for Tax Credits;
WHEREAS, the City further desires to support the Housing by providing a predevelopment loan
in the amount of $600,000 to the Owner for on -site development expenses associated with the
Housing;
NOW, THEREFORE, BE IT RESOLVED'
Section 1. That the City supports and approves the development and construction of
the BLUFFS LANDING Apartments with 152 units of housing and the
application for Tax Credits to finance such development and construction;
and
Section 2. That this Resolution constitutes approval for the Tax Credit application
pursuant to Section 50.5(a)(7) of TDHCA's 2006 Qualified Allocation Plan;
and
Section 3. That, if the Housing receives a commitment of Tax Credits from TDHCA, the
City Council authorizes a predevelopment loan to the Owner in the amount
of $600,000 (the "Loan") for on -site development expenses associated with
the Housing, subject to terms and conditions to be approved separately by
the City Council,
Section 4. That the Mayor is designated as the City's Chief Executive Officer and
Authorized Representative to act in all matters in connection with this
Resolution.
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