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HomeMy WebLinkAboutPR 15055: EAGLE RIDGE APARTMENTS LTD.interoffice MEMORANDUM To: Mayor, .City Council, and City Manager From: Mark T. Sokolov, City Attorney ~~~ ~~_ Date: February 4, 2009 Subject: P. R. No. 15055; Council. Meeting. February 10, 2009 Attached is P. R. No. 15055 as it pertains to Eagle Ridge Apartments, Ltd. (Requested by Councilmembers Williamson, Henderson and Albright). MTS:ts Attachment Copy to: Adrian Iglesias Senior Development Manager Realtex Development Corporation z.pr15055 memo P. R. No.15055 is/mts RESOLUTION NO. A RESOLUTION AS IT PERTAINS TO EAGLE RIDGE APARTMENTS, LTD. (REQIIESTED BY COUNCILMEMBERS WILLIAMSON, HENDERSON AND ALBRIGHT) WHEREAS, the City Council deems it in the public interest not to support the tax credit application for the Eagle Ridge Apartments, as delineated in Exhibit "A" and Exhibit "B"; and WHEREAS, the City Council does not believe. that it is beneficial to the community to have this complex located at this location. ~• NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR: Section 1. That the facts and opinions in the preamble are true and correct. Section 2. That the City of Port Arthur does not support the tax credit application for the Eagle Ridge Apartments, Ltd.. Section 3. That the City Secretary shall send a true and. correct copy of this Resolution to the. Texas Department of Housing and Community Affairs. Section 4. That a copy of the caption of this Resolution be spread upon the Minutes of the City Council. READ, ADOPTED AND APPROVED on :this day of A.D., 2009, at a Meeting of the City Council of z.pY15055 the City of Port Arthur, by the following vote: AYES: Mayor Councilmembers NOES: MAYOR ATTEST: TERRI HANKS, ACTING CITY SECRETARY APPROVED AS TO FORM: CITY ATTORNEY APPROVED FOR ADMINISTRATION: CITY MANAGER Z.pr15055 EXHIBIT "A" z.pr15055 Feb 04 09 09:43a 4C~9 982 7656 Robert E. Williamson 409-982-7656 p.1 EAGLE RIDGE APARTMENTS, LTD y ~' --~ ~ ~~( December 31, 20Q8 Councilmember Robert Williamson City of Port Arthur 444 4`h St. Port Arthur, TX 77640 Dear Honorable Williamson, -~-~ n,~ ~1 ~ «/r l ,~ ___----- e l~otice to the Public Eagle Ridge Apartments, Ltd. is making an application for the 9°./c Housing Tax Credit Program with The Texas Department of Housing and Conununit• Affairs for Bagle Ridge Apartments, located at the southwest end of Jimmy Johnson Rd., across from the Medical Center of Southeast Texas, Porz Arthur, Jeffer-,on Cowtt-. This new construction development is an apartmen[ communih' comprised of approximately 96 units ofwhich 100% will be income restricted. ,4pproximatzly 5°c of total units will be for tenants with approximate incomes less than 30'io'ef the areas median income. Approximately 4J°ro of tetal units will be for tenants with approximate incomes less than .0°/o of the area's median- income. Approximately ~0% of total units will be ,`'or tenants with approximate incomes less than 60'% of the area-s median income. For a family of 1 those approximate income levels aze between $10,800 and $21,600. For a family of 2 those approximate income levels are between Sit:300 and $24.660. For a family er'3 those approximate income levels are betweeu $13;850 and 527,;80. For a family of 4 those approximate income levels are between 515,400 and $30,840. The total restricted income percenta=e of the Development is 100°, 6. The development will serve family households. The number of units and proposed rents (less utility allowances) for the subject propem•'s tax credit units are: (12 of) - I Bedroom Units for $ 218-508 (48 af) - 2 Bedroom Units for $ 258-606 (36 oi) - 3 Bedroom Units for $ 297-698 (0 of) - 4 Bedroom L:nits for $ NIA There will be public hearine to receive public comment on the proposed development. Information regarding the date, time, and location of that hearin, will be disseminated a[ least 3U days prior to the hearing date. if awarded. this development would be ready for• occupancy by approximately summer of 3010. For more information on this no*_ice, please contact Eagle Ride Apartments, Ltd., Rick J. Devoe.; 912 S. Capital of Tx Hwy, Ste. 200; Austin, TX 78746 and 512-306-9206. For information, on the Housing Programs. see www.tdhca.state.tx.us EXHIBIT "B" z.pzisoss Page 1 of 1 Mark Sokolow From: "Adrian Iglesias" < ' > To: <mark@portarthur.net> Gc: "John Boyd" <jboyd@realtexdevelopment.com> Sent: Wednesday, February 04, 2009 5:13 PM Attach: Eagle Ridge Apts-Location Map.pdf; Realtex Development Corporation.pdf Subject: FW: Realtex Development Corporation Mark: Thank you for taking our call. Per our conversation I have attached the location map for our proposed Eagle Ridge Apartments. Eagle Ridge will consist of 96 apartment units that will be targeted for hard working families. Eagle Ridge will be very similar to our existing development in Port Arthur, Sunset Way Apartments. I have also attached pictures of a development that was just completed by Realtex in Mississippi and pictures of Sunset Way Apartments as requested. Keep in mind that Eagle Ridge Apartments is not a Public Housing Project, it is a multifamily development financed with housing tax credits and will be rented to families that demonstrate income. Once complete the development will pay real estate taxes just like Sunset Way. As you may recall, Sunset Way received a predevelopment Iban from the City of Port Arthur as part of the recovery efforts after Rita. Since then, the partnership has made payment back to the City of Port Arthur for the full amount of the loan. Our development efforts are in response to the dire need of housing in the Ike Disaster zones which include Port Arthur. We would like to request from the City of Port Arthur support for Eagle Ridge Apartments in the form of'a City Council Resolution. If you. need anything else, please do not hesitate to contact John Boyd or myself. Thank you, Adrian Iglesias Senior Development Manager Realtex Development Corporation 912 S. Capital of Texas ffighway, Suite 200 Anstin, Texas 78746 (512)306-9206 (512)306-9010 Fax (512)971-9127 Mobile 2/4/2009 1 De~Jelopment Corporation ' Realtex Development Corporation Leaders i e of Hi li Apartment Communities Realtex Development Corporation 912 S. Capital of Texas Highway Suite # 200 Austin, Texas 78746 Phone: (512) 306-9206 Fax: (512) 306-9010 tf T ' Development. Corptaratiun Table of Conn 1. Photos of Sunset Way Apartments, Port Arthur Texas 2. Photos of Regency Way Apartments, Gulfport MiSSiSSlppi 3. Property Amenities 4. Awards. Articles & Achievements ,~_ ~ De~~eloi-mcnt Corporation Sunset Way Apartments Real~e Development Corporation SUNSET WAY APARTMENTS Port Arthur, Texas Year Completed: 2007 Total Number of Units: 96 Unit Mix: 1-bedroom 24 2-bedroom 40 3-bedroom 32 Financing: 9% Housing Tax Credits and Private Debt Current Occupancy: 99% Product Type: Combination of Family and Seniors ... ~. 3 c-~ Development. Corporation Mississippi Developments Under Construction e_ ,€ 1 Dcvelopmcnt. CorE)c}ration REGENCY WAY APARTMENTS Gulfport, Mississippi Year Completed: 2009 Total Number of Units: 120 Unit Mix: 1-bedroom 12 2-bed room 72 3-bedroom 36 Product Type: Combination of Family and Seniors 1 F ~ -. ` ~ ~ ' ~ ~ ;. ~; Development Corpara~.ion Property Amenities ~~ Qev~~lopment Corporation Spacious Community/Leasing Facility are comprised of the following: - Activity Center with audio/visual equipment - Business Center with computers and free access to the internet - Full size kitchen for use by residents and staff - Fully equipped Fitness Center - Office for Resident Service Coordinator - Arts and Crafts Room - Hair Salon - Medical Services Room All Residents Units are comprised of the following: - WasherlDryer connections - Large patios/balconies - Cable/internet hook-ups - Energy Efficient appliances including microwaves, dishwashers, refrigerator with ice makers, cooking range and oven - Ceiling fans in Living Room and Bedrooms Open Spaces include the following: - Handicapped Accessible Swimming Pool - Picnic area with barbecue grilles - Perimeter fencing with controlled video monitored access - Covered carports - Designated walking paths with rest stations - Community Gardens Exterior Finish - Exterior elevations include stone, brick, stucco and hardiplank - Professionally designed Architectural Design - Elevators with interior corridors in all two story and higher senior developments fi .. ~_ Development Corporation Awards, Articles & Achievements _ `~~ f ~~.~' t~ t~„ ~, Development Corporation ~rdable Housing Awards & Ach~evemen - May 2007; Affordable Housing Finance: "The AHF Top 50 Developers and Owners in the Country." Realtex - 24th Top Developer and 39th Top Owner. - May 2007; Affordable Housing Finance: "Real Development in the GO Zone, Realtex Development's goal to construct up to 10 developments in affected areas in Mississippi." Sunset Way Apartments - June 23, 2005; Austin Apartment Association -Affordable Housing Property of the Year: Riverside Meadows Apartments - September 2004; Texas Association of Local Housing Finance Agencies Talks: (TAALFA) "Riverside Meadows Apartments - A Cooperative Effort" Riverside Meadows Apartments - August 21, 2003; Globe St.com: "$8M Affordable Housing Project Rising." Woodview Apartments - August 14, 2003; Globe St.com: "$5.8M Equity Jumpstarts Seniors Project." Gateway Village Seniors - February 10, 2003; Peachtree Marketing, Advertising, & Communications: "Realtex Development Announces Opening of First Affordable Housing in Elgin." Crescent Village Apartments - January 23, 2003; The Austin Energy Green Building Program: Riverside Meadows Apartments, One Star Rating - April 4, 2002; Austin Business Journal: Riverside Meadows Draws on Expedited Zoning - December 19, 2001; Globe St.com: SE Austin Affordable Housing Project Gets Go- Ahead; Riverside Meadows Apartments - November 18, 2002; Peachtree Marketing, Advertising, & Communications: "New Luxurious Apartment Community Celebrates Good Timing for Grand Opening." Sendero Ridge Apartments - December 13, 2001; The City of Austin and Austin Housing Finance Corporation: "S.M.A.R.T. Housing gains approval in Record Time." Riverside Meadows Apartments - 2001; Commercial Real Estate Award: Riverside Meadows Apartments, received March 28, 2002 > FANNIE MAE :{~" A i ipnnTF 1 HOUS F I N A it ~1 5 INS r N C E - ~ > SPECIAL-NEE HOUSING > REGIONAL REPORT: WEST ^ SPECIAL FOCUS» THE AHF 5D Real Development in the GO Zone Realtex Development's goal is to construct up to 10 developments in affected areas in Mississippi BY DANA ENFINGER ealtex Development .vas the first company to break ground on a new, con- struction project in the Gulf Opportunity (GO) "Lone. according to President Rick Devoe. Sunset Nra}• Apartments in Port Arthur, Texas, broke ground in July 2DO6. "~~tre're actually almost finished --ith construction: said Deroe. "blay 1 is --hen w•e anticipate total completion. R'e'--e been n•orking -•en~ closeh• ++ith the eiri- of Port Arthur. It took a direct hit from Hurricane Rita. Right no-v the preleasing is going fabulous, unbelie-•- able: The y6-unit project received pre- development loans from the cir•• of Port Arthur and PhC h1u]tiFamilc Capital. The latter also provided construction financing and permanent financing.l'he total development cost is mare than 510.6 million. Nighty percent of the units are reserved far households earn- ing no more than 6D percent of the area median income (AMI). The remaining units are reserved for households earn- ing 3D percent or less of the A1111. Realtex. based in Austin, has com- pleted 2,046 affordable units in 12 prop- erties-lt in Texas and one in 1lississippi-at a total cost of 5157 mil- lion. The developer currenth• has six projects in Texas under construction at a total cost of S42-i million. The compam- focuses on all areas of affordable housing from family de-•elop- menu to seniors housing. said Devoe. Realtex is adept at -corking with local housing authorities and handling differ- ent sources of financing: lo--•-income housing tax credits, Community Development Bluck Grants. tax-exempt bonds, and financing from the Department of Housing and Crban Development. "1 had received calls from some con- sultants -eho do -vork in 1lississippi --fio said the local housing authorities --•ere looking for good-yualit}~ developers to create affordable housing --ith addition- al tax credits they had received from GO ?.one legislation." said Devoe. "If--•e were going to make a presence in Mississippi. u~c --•anted to be along tJte Gttlf Coast in the hardest-hit area5.- De~~ae's ultimate goal in 2UD; is to MERMAN i KITTLE 5D0 E %th St.. Suite 300: IndianapoGS, tN 4624C 284 ' Z28 MW, SC. SE For~roFrt 35 PROPERTIES, INC. (317, 663~i950 • www.hermankitllECOm Todd Sears. vke presltlent of finance t+rtierman b Kittle Properties started three hous~nq taz rrel~t or la.~e ~emr,r t -~^~ pro)ecis m 2x06 and wiu tlo !•+M mare m 2007. With plans to start n dlvelOpments with 1,679 unds. Tnc t~rr: wol be involved in the redevelopment of the Gu~1 Coast 3CIMASATCN ADVANTAGE CROUP 2622 La AWmeda Suite 260: M,sSgn Viejo. CA 92691 280 t50 West for-profit UJett Nielson, chief finandal officer !949) 367.1393 www.netwasatch.com >ri+lasatch's torus includes affordable multifamily and seniors housing that targets residents wdn incomes maxinq ou[ et between 50 percent and 60 percent of the AMI. The firm started two devWOpments in 200(, ono plans to start sU in 2007 3~ LEOfI K riEM1ER i ASSOCIATES, ING 4 penny Road: ~ImmgtOn, DE 19809 279 395 MW, NE SE Fa•prc ' Kevin P. Kelly, presitlent 302) 764-9430 www.lnwa.com Leon N. 1Meiner S Associates started three tax credit cr lax exempt bond projects ~n 2006 and plans to start tour more 2007. In adtlAion to new construction prgeCtS. the firm speciaUZes in the renaC~,itatlo^ of Sec. 8 prdpertil5. 38 NORSTAR DEVELOPMENT USA. LP 200 S. Division St: BuMato, NY 14204 259 '2? National Fa prptd Linda L. Goodman, dirpCtor (716} 847.1098 wWW.norstarcompanieS.COm of project tlevelop,nerlt »NOrstar Developngnt Started three projects -wth 259 units in 20D6 and expects to start live more with 693 units ~n 2CQ7. F spetlal area o1 locus for the company is redevebpment o' public n0usinq. 39DUNN pEV[IOPMENT CORP. 151 Seventh Ave..2nd floor: Brooklyn, NY 11215 247 Sa NE For•prolit Martin Dunn, oresl,ient r718} 388~,-.940.7 wwweunrdevcom bDUnn vvve.vyn•cnt has expefti5e in affoniabh? dntl SuppOrlive hdUSirrq. It has C'Edted mrted-intOme dnd green-Dwltlmg develOpment5. mcludinq 1272 MLK Apaflments in New Ydrk City, the first mU@ffamgy mid•fiSe W h~gh-n5! apaftmEM LO receive th! Energy Star IabeL 46 •~~~ORDA9 LE MOUSING FINANCE MAY 2007 THE PACIFIC COS 430 E. State St_ Suite 100: Eagle. l0 83616 424 506 West For-prolil 23CaleD Roope, president b CEO (208) 461.0022 www_tpchousinq.com »The Pacific Cos. develops aHOrdatlle housing throughout the Western US. The firm started seven developments In 2006. tt expects to do even more in 2007, with plans to start 12 protects with more than 600 units REALTEX DEVELOPMENT CORP. 912 S. Capital 01 Texas HigMvag SuRe 200: Austin, TX 78746 396 248 SC For-profit 24Ritk Devoe, president (512) 306.9206 • www,realtextleVPlOpment.com »Reattex Development builds a variety of affordable housing products. In 2006. rt partnered with hve different public housing authorities On deals. In 2007, ReaRex will focus on developing in Mississippi, where it is working with a housing authority to help rebuild the hurricane-damaged areas. 25 ARLINGTON PARTNERSHIP 2704 N. Pershing Drive; Arlington, VA 22201 383 N/A Artington County. VA Nonprofit FOR AFFORDABLE HOUSING (703)276.2657 www.apah.org Douglas E. Peterson, riFOUnded in 1989. Arlington Partnership for Affordable Housing focuses on providing affordable housing opportunities to kriv executive director and moderate•income people in Arlingtan [aunty, Va. tt own5 514 urdts. C ITt2EN5 HOUSING CORK 26 O'Farrell St.. Suite 600: San irancism, CA 94108 350 9c California Nonprofit 2~James M. Buckley, president (415)421.1360' www.citizenshousing.orq »Incorporated in 1992, Citizens Housing~ diverse portfolo includes lrarxitional housing on a former naval base and historic lwil,7~ngs that have been readapted for affordable housing. ft t)epan construttion on four affordable housing develoWr-ents in ;/1(1F build llp t0 10 affordable housing pro- jects in the GO Zone. So far, Realtex has received approvals for four GO Zone developments in Mississippi: two in Pascagoula. and one each in the cities of D'Iberille and Gulfport. The developer has submitted six additional applications to build apartment communities in Mississippi. Realtex has contracted ++ith Gulf States Inter-Faith Supporti+•e Services to pro+ide a +•arieh~ of services to tenants. For 40 years, the nonprofit organization has pro+ided educational programs, job search assistance, health and nutrition classes, social activities, and more under its Good Neighbor Program in apart- ment communities throughout Alabama, Louisiana, hississippi, and Texas- lleyce said the top three challenges he faces a< an affordable housing devel- oper are finding land, o+•ercoming \IMBYism, and coping ++ith increasing development costs. He would like to see an increase in the per capita tae credit in order to offset rising development costs and operating expenses. At press time, De}roe was meeting ++ith various cih• offi- cials in bississippi to promote his firm's developments. "N1144BYism is a huge issue for us," said Devoe. "From one city to the next. they either want you or it's 'not in our back Bard: «•e're educating, thing to tell people these aren't 'projects: The afford- able housing we're going to build in Gulfport is going to be the Dicest apart- ments in to++-n' ^ ~~ In1GEORGE GEKAKIS, INC. 2655 5. Rainbow Bfvd.. Suite Opt Las Vegas, NV 8914fi 23B RI.7A Yfest FOr-protd Z'V George GMakis, president .702) 36x-8027 www.ggideveiopment.com »The firm fOCUSes on affortlabM senors housing. George veltBkis. m... n,'~.i o8 ~aryetinq its work in Las Yegas and Dark County. Nev. The company plans to start two developments in 2007. 4.1 PAYNE DEV[LOPMENT, LLC 31920 Del OtlBpo St. StME 2fi0: San.luin Capi7trano. CA 9x675 Z23 to3 West Far•prMrt 1 Kevln P. PaY~, Pres7dpnt l94?! 542•t3700 >•7PaynE Deve+opmMt focuses on tamely and senlon apartments. IS Started three afldr'dable housirq Oeve4opments Wlth ]]~ units in 2006 and expects to incrnase production in 2007 by starting SevM projects with 421 units. ~A/ PEACH PROPERTIES 42 299 5. Park Ave_ Tucson. AZ 85719 220 N!A West For-profit Rdn Schwabe, President (52D7 798.3331 • www.peachprOps.mm »Pea[h Properties is Inydlyed In both new construction an^_ aCCU~Siio~ arh7 renabilAatiOn deals. The firm expects Id scan abou? 300 units in 2007. Q CDNM GRDUR LL.C ~ 2137 N. Crxrtenay Parkway. State 23: Merritt !Blind, R 32953 1% 120 SC FOr•profit , 1MJ Dorwd Pace, aMyler and general partner 132U x53-3127 »COHM Group is a small firth that completed a 120•und singie-famdv tletim;opment in Donna. Texas. and started construction on two other developments in Texas in 2006 A A PATNMAY SENIOR LIVING, LLC 701 Lee Si, Sude 45D: Des Plaines. IL 60016 IT7 228 Mxlwest For-profit '~+~Jerome E. Finis, principal (8x7) 768.5104 ' www.pathwayseniorUvinq.cOm »Pathway Senior Living develop3 and Operates housing for seniors. A signature program ~s its aff0•'dable assosted-Imnq facilities. Pathway opened two affordable assisted•iiving communities in 2006. AFFORDABLE MOUSING FINANCE MAY 2007 47 Realtex Development Gorp.'s Sunset INay Apartments, the first protect to beak ground In the Guff Oppbrtlmity Zone, Is sit to open May 1 in Port Arthur, Texas.