HomeMy WebLinkAboutRES 062816-O - HVM 2015 Loan Close ExtRESOLUTIONNO. Oloa'ol -0
A RESOLUTION OF THE CITY OF GEORGETOWN TEXAS, AUTHORIZING
AN EXTENSION OF THE CLOSING DEADLINE IN RESOLUTION 021015-M
FOR LOCAL POLITICAL SUBDIVISION SUPPORT FOR THE
DEVELOPMENT IN THE FORM OF A LOAN IN THE AMOUNT $197,633 TO
HVM 2015 GEORGETOWN, LTD, FOR THE REHABILATATION OF THE
NORTHWEST APARTMENTS, LOCATED AT 1623 E. NORTHWEST
BOULEVARD, GEORGETOWN, TEXAS.
Whereas, HVM 2015 Georgetown, Ltd. ("Applicant"), received an allocation of Housing Tax
Credits to provide equity financing for the renovation of existing affordable housing for families
called Northwest Apartments (the "Project"), which is located at 1623 E. Northwest Boulevard,
Georgetown, TX from the Texas Department of Housing and Community Affairs ("TDHCA);
Whereas, a municipality may support an application to the TDHCA pursuant to Title 10, Part 1,
Chapter 11, Rule 11.9(d)(2) of the Texas Administrative Code, by providing local political
subdivision financial support for a development through a loan, a grant or a contribution in kind,
and such support will qualify the development for points that are needed in order to compete for
Housing Tax Credits to provide financing for the Project;
Whereas, pursuant to Section 392.003 of the Texas Local Government Code, the Texas Legislature
has found that there is a shortage of safe and sanitary housing at rents that persons of low income
can afford and that the providing of safe and sanitary housing for persons of low income are
public uses and purposes and governmental functions of state concern for which public money
maybe spent;
Whereas, the Applicant received support in the form of City financial support in the amount of
$197,633 to pay for the construction costs for the Project in Resolution 021015-M, approved
February 10, 2015;
Whereas, Resolution 021015-M required a closing not later than July 1, 2016;
Whereas, there have been unanticipated delays in the award from TDHCA and closing with the
lien holder;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN TEXAS THAT:
SECTION ONE. The facts and recitations contained in the preamble of this resolution are
hereby found and declared to be true and correct and are incorporated by reference herein and
expressly made a part hereof, as if copied verbatim.
SECTION TWO. The City Council hereby approves and authorizes the extension of the
closing deadline of July 1, 2016 in Resolution 021015-M to December 31, 2016.
Resolution Number: 06DSI Lp-0 Page 1 of 2
Description: HVM 2015 Georgetown City Loan closing extension
Date Approved: June 28, 2016
SECTION THREE. All other terms of Resolution 021015-M are still in effect.
SECTION FOUR. The City Council hereby authorizes, empowers and directs Dale Ross, Mayor
of Georgetown, to certify these resolutions to the TDHCA.
SECTION FIVE. This Resolution shall be effective immediately upon adoption.
PASSED AND APPROVED on the 28th day of June, 2016
ATTEST:
Shelley Nowl' g
City Secretary
APPROVED AS FORM:
Charlie McNabb
City Attorney
THE CITY OF GEORGETOWN:
Dale Ross
Mayor
Resolution Number: Oloa$ 16- O Page 2 of 2
Description: HVM 2015 Georgetown City Loan closing extension
Date Approved: June 28, 2016