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HomeMy WebLinkAboutRES 031406-Q - Bluffs Landing DevelopmentRESOLUTION 03 /44,4 9 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 MA I`I ERS PERTAINING TO THE CITY S SUPPORT AND FUNDING OF THIS DEVELOPMENT. WHEREAS, the City Council 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 with 152 units (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 (' 1'DHCA"); 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 constructionof the Housing and approve the Owner's application to i'UHCA for Tax Credits; and WHEREAS, the City further desires to support the Housing by providing a predevelopment loan in the amount of $600,000 for the Housing for on -site development expenses associated with the Housing. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS THAT: Section 1. 1'he City Council supports and approves the development and construction of the BLUFFS LANDING Apartments with 152 units of housing, andthe application by Owner for Tax Credits to finance such development and construction. Section 2. That this Resolution constitutes approval for the Tax Credit application pursuant to Section 50.5(a)(7) of I'L)HCA's 2006 Qualified Allocation Plan. Section 3. That, if the Housing receives a commiti'lent of Tax Credits from 1'DHCA, the City Council authorizes a predevelopment loan for the Housing 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. AUSTIN: 053281.00000: 337610v1 RESOLVED' CITY OF GEORGETOWN APPROVED AS TO FORM: Patricia E Carls, City Attorney , 2006. ATTEST: Sandra D. Lee, City S{ecretary