01/20/2015-CC-Agenda Packet-Work Sessionau�geh
TEXAS
AGENDA
CITY COUNCIL
WORKSESSION
TUESDAY, JANUARY 20, 2015
6:00 PM
502 ELM STREET
1. Call Mccting to Order.
2. Presentation by Casa Linda Development Corporation Regarding aMulti-Family
Housing Development to be Located on Church Street for Elderly Residents.
3. Overview of Upcoming Citizens Academy.
4. Overview of Items on Regular Agenda.
Adjourn.
I, the undersigned authority, do hereby certify that this Notice of Meeting was posted on the
bulletin board, at the City Hall of the City of Sanger, Texas, a place convenient and readily
accessible to the general public at all times, and said notice was posted on the following date
and time: ,]—A N( cla tGc7 I �i i 901,75m at; OU p.m. and shall remain
posted until meeting is adj urned.
Tami Taber, City Secretary
City of Sanger, Texas
This facility is wheelchair accessible and accessible parking spaces are available. Requests for
accommodations or interpretive services must be made 48 hours prior to this meeting. Please contact
the City Secretary's office at (940) 4584930 for further information.
CITY OF SANGER
COUNCIL AGENDA ITEM
AGENDA TYPE ❑ Regular ❑ Special ❑ Consent Reviewed by Finance
I ❑ Yes
® Not Applicable
® Workshop ❑ Executive Public Hearing Reviewed by Legal
❑ Yes
Not Applicable
Council Meeting Date: Submitted By:
January 20, 2015 Alina Ciocan
City Manager Reviewed/Approval Initials Date
ACTION REQUESTED: ❑ORDINANCE ❑ RESOLUTION # ❑ APPROVAL
❑ CHANGE ORDER ❑ AGREEMENT ❑ APPROVAL OF BID ❑ AWARD OF CONTRACT
❑ CONSENSUS ®OTHER PRESENTATION
AGENDA CAPTION
Presentation by Linda S. Brown, President of Casa Linda Development Corporation, on a proposed senior
housing development to be located on Church Street,
FINANCIAL SUMMARY
®N/A ❑GRANT FUNDS ❑OPERATING EXPENSE ❑REVENUE ❑CIP []BUDGETED [:]NON -BUDGETED
BACKGROUND/SUMMARY OF ITEM
Church Street Housing, L.P. is making an application for 9% Housing Tax Credits with the Texas
Department of Housing and Community Affairs for The Courtyard Apartments, to be located on Church
Street. This new construction is an apartment community located on a single site and comprised of
approximately 80 units of which 76 will be for low income qualified residents and 100% of the units will
be for qualified elderly. Ms. Brown represents Casa Linda Development Corporation, the co -developer
on the project. She will make a presentation on the proposed project and its impact on the City.
STAFF OPTIONS & RECOMMENDATION
Not applicable
List of Supporting Documents/Exhibits Attached:
Prior Action/Review by Council, Boards, Commissions or Other
Agencies:
Project Sunnnary
None
The Courtyard Apartments
A Proposed Affordable Senior Residential Rental Development in
Sanger, Texas
Development Overview and Request
The Courtyard Apartment's Goals
• To develop, construct, and manage "The Courtyard Apartments", anew privately owned mixed -income
senior residential development offering 55+seniors an affordable quality residential rental option in
Sanger, Texas;
• To create an opportunity to improve the neighborhood area in which the site is located;
• To enhance the quality of life of seniors in the city of Sanger
Developers:
Highridge Costa Development Company, LLC
A nationally experienced housing tax credit developer based in Segunda, California. Highridge has
developed and manages over 20,000 units nationwide.
Casa Linda Development Corporation
A Dallas Texas based economic development and affordable housing development company with 20
years of finance and development experience in the Texas housing tax credit program.
The Site:
Site Location: NEQ of IH 35 and Church Street, Sanger
Site Size: 5.3 acres
Current Zoning: Mulitifamily (20 units per acre maximum)
Utilities: Served by City Water and Sewer
The Courtyard Apartments Development Description:
Owner: Church Street Housing, L.P. (to be formed)
Number of Units: 56 HTC units and 4 Market Rate units; to 76 HTC units and 4 Market Rate units;
(Final number of units still under discussion)
Private Investment: $8.5 million or $11 million respectively
Unit Sizes: 1/1- 675 sf; 2/2 — 950 sf
Style: Garden style - elevator served
Common Amenities may include: Clubhouse with kitchen, furnished community room, fitness
center, business center; perimeter fencing with controlled gate access; gazebo with sitting area;
common elevators
Unit Amenities may include: 9 foot ceilings; energy efficient appliances; refrigerators with ice makers;
microwave oven; ceiling fan in living room; washer/dryer connections; and green amenity features
The property will also have active social services offering residents a variety of programs.
The Texas Housing Tax Credit Program requires local governmental financial participation
The Texas Housing Tax Credit program provides developers an opportunity to leverage federal tax credits to
attract investor equity for the development. The Texas Department of Housing and Community Affairs (TDHCA)
is the administrator for the 2015 9% housing tax credit program. The program is a competitive application
process. The applications with the highest score in Rural Region 3, the North Texas region, will be positioned for
a reservation of tax credits by TDHCA in July 2015 to support the financial structure of the proposed
development. Based on the number of credits in Rural Region 3 only one application will be awarded.
Seventeen (17) points will be earned by providing a Resolution from the City expressly supporting the
Application or Development and fourteen (14) points will be earned by providing the Applicant a Resolution that
states a Firm permanent financial commitment from the City as described below.
Therefore, we request the City Council consider in February the approval of 1) a Resolution of Support and 2) a
Resolution affirming the firm permanent financial commitment for The Courtyard Apartments application.
Applications are due to the TDHCA no later than February 27, 2015. Our goal is to have application completed
by February 20, 2015.
Eligible Forms of Local Governmental Commitment for maximum points
Local Governmental Participation Required: $65,000 for a 60 unit development OR
$85,000 for 80 units. The local governmental funding level request is based on the TDHCA criteria which is
population X .15 X number of units = required financial participation.
1) Form of a grant or in -kind contribution meeting the requirements
2) A permanent loan
with
a minimum term
of fifteen (15) years,
minimum amortization period
of forty
(40)
years, and an interest
rate
no higher than 3
percent per annum.
The City may also consider a layering of participation to meet the required dollar amount such as a real property
tax abatement, waiver of permitting fees and/or off -site infrastructure cost participation.
Map
IN%
it
is
i
56592
Q'
;
to
4
Q:IN-
PY
if
WOOD.Str"
INE DDN
it
t
,SIDE
--
1117016
11701 117020 •'
56943
56930
It
if
Proposed
2015
2
I_INTC
SiteIN
111352
I
73962
256699 S
is
I
toI/
56 67
yIN
56954
F569245
244587 P301930
8 301929
"Z •N56838 56834
O,
244590
r 244588 112943
CLEARER EK IND(iSTRIAL PARK ; CHISUM TRAILS
%212786 b'a 56864
o 244589; ;90 45 0 90 Feet
Parcels Streets
Sales Lakes
LJ
Abstracts Floodpiain - 100yr
L�
Legal Disclaimer
This product is for information purposes and may not have been prepared for or be suitable for legal, engineering, or surveying
purposes. It does not represent an on -the -ground survey and represents only the relative location of property boundaries.
https://gis.denloncad.com(aspnet_client/ESRIM/ehADF/Prin[TaskLayoutTemplates/defaulthtm 7!7