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HomeMy WebLinkAboutPR 15055: EAGLE RIDGE APARTMENTS LTDTo: Mayor, City Council, aAdttorneyManager From: Mark T. Sokolow, City /~+--~ Date: February.l6, 2009 Februar 24, 2009 Subject:. P. R. No: 15055; Council Meeting Y Attached is P: R. No. 15055 as it pertains to Eagle Ridge Apartments, Ltd. (Requested by Councilmembers Williamson, Henderson and Albright). It was tabled at the last meeting. MTS:ts Attachment. Copy to: Adrian Iglesias . Senior Development Manager - ` Realtex Development 'Corporation z.pr15055_mema interoffice . MEMORANDUM P. R. No.75055 is/mts RESOLUTION NO. A RESOLUTION AS IT PERTAINS TO EAGLE RIDGE APARTMENTS, LTD. (REQUESTED 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 ~ecrecaiy ~~,a~~ ~=~~u w ~-~- ____ 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.pr15055 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: /i~% V CI Y MANAGER ' Z.pY15055 EXHIBIT "A" z.pi15055 4Et'~ '32=' 7E~6 409-982-7656 R1 Feb 04 09 09.'43a ~ Robeit E. Williamson ~.~ ? ,c~ ; L ul EAGLE RIDGE APARTMENTS, LTD. " 7 I ,~ . Deczn~ber ~ I, 2008 ~ -~-[ f ~,~ / ~ ~ (~i/~ ,.--- - C C'ounciimemher Robert tiVil[iamson Ciri• of Port Arthur 444 4th St. port ArtFinr, Tr ?7640 Dear Honorable Vvilliamson. _ . l~otice to the Public Eagle Ridge .Apar:nxnts, Ltd. is making an application for the 9°.~ Housing Tax Credit P:-oeram with The Texas Department or Housing and Community .Affairs for Eagle Rid~_e .Apartments, located at the southwest end of.f immy Johnson Rd.. across from [he Medical Center of Southeast Texas, Port Arthur..lefferon Count. 'This nctiv construction development i; an apartm°nt communitt comprised of approximately 96 units of which i 00°%o will be income restricted. Approximately ~°'c pf total units mil! t?e for tenants with approximate incomes less than .0"!u of the area s median income. Approximately 4~'''0 of total units`wili be for tenants with approximate incomes less than .0°/u of the area's median income. Approximately 50;4. eflotai units dill he for renants with approximate incomes less than 60'ic of the area's median income. For a family of i those approximate income levels are L•etveen ~ ] 0,80D and SZI,ti00. For a family of 2 those approximate income ]e. els are between ~I'2.;00 and $24,66D. For a family of3 those approximate income loves are behaeen 51 x,550 and 52'_.80. For a famih of 4 these approximate incense levels are between S 15,400 and ~3Ct.S40. Tl:e total restricted income percentage of the Development is ] D04-a. The development will seri~e family households. The number of units and proposed rents (less utilite allow~ances)~for tiro subject praperTy`s tax credit units are: { 12 of; - 1 Bedroom knits for ~ 215-~08 (48 of) - 2 Bedroom Units fora 268-606 (36 of) - 3 Bedroom units for ~ 29?-698 _ l0 of) - 4 Bedroom Cnits for ~ i\i!A There will be public hearine to receive public comment on thz proposed deg elopment. Information re~aa-dine the dtite,.Time. and location of that hearin; will be disseminated at least ,0 days prior to the heari n¢ date.. if a~i arded. t:^.is development would be ready for occupzncy by appros]mately summer of 2010. For more information on this notice, please contact Eagle Ridge :apartments, Ltd., Rick J. Devoe. 412 5. Capital of Tx ll~ry. Sie. 200.:lustin, Tt 78746 and 51?-306-9206. For information on the Housing Programs, se e ~ti~u•~i~.tdhca.state.tx.us ~, EXHIBIT "B" s z.pr15055 Page 1 of 1 From: "Adrian Iglesias" < To: <mark@portarthur.net> Cc: "John Boyd" <jboyd@realtexdevelopment.com> Sent: Wednesday, February 04, 20D9 5:13 PM Attach: Eagle Ridge Apts -Location Map.pdf; Realtex Development Corporation.pdf Subject: FW: Realtex Development Corporation Eagle Ridge Apartments. gEagle Ridge will cons st of 96 apartment un tsthat wil bte~ argeted for hard working families: -Eagle Ridge will be very similar to our existing development in Port Arthur, Sunset Way Apartments. I have also attac rtmenltsuas requested I Keep inhmmd that Eagle Ridge Apartments! shot a Public Housing es of Sunset Way Ap As ou Project, it is a multifamily development financed with housing tax credits and will be rented to families t a real estate taxes just like Sunset Way. Y demonstrate income. Once complete the development will pay effoyrts after Rita eSVnce then! the partnership has made payment balck to the C ty of Port Arthur for the ful amount of the loan. Our development efforts are in response to the dire need of housing in the Ike Disaster zones which include Po ort for Eagle Ridge Apartments in the form of a Arthur.. We would like to request from the City of Port Arthur supp 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 Corporafion 912 S. Capital of Texas Highway, Suite 200 Austin, Texas 78746 (512)306-9206 (512)306-9010 Fax (512)971-9127 Mobile 2/4/2009 9 \ s ~ " Development Corporation Itex Development Corporation s in the Creation of High- Apartment Communities Realtex Development Corporation 912 S. Capital of Texas Highway Suite # 200 Austin, Texas 78746 Phone: (512) 306-9206 Fax: (512) 306-9010 Real ~e, Uevelapment Corporation ~ Table of Contents 1. Photos of Sunset Wav Apartments, Port Arthur Texas 2. Photos of Regency Wav Apartments, Gulfport Mississippi 3. Property Amenities 4. Awards, Articles & Achievements ~~~ ~ C 1 ,l',r I DeceloE~ment CorparaCion ~ ~~ Sunset Way Apartments _ '- 'R 'r 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-bed room 32 Financing: 9% Housing Tax Credits and Private Debt Current occupancy: 99% Product Type: Combination of Family and Seniors { ~• ~, Development Corporation Mississippi Developments Under Construction ~;_ 4t .` `~ :, ~ ,,. ~ .~• Development Corporation 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 ^ `"'q //// ~~ ~sii~ - - - I ~. ~ - ~{~ nt '~ ' ~ - ~ ~y i ~ t ~ ~. ,•: ~~ ~ ~ ~~ --_ - i - / µ11f~'~~1 ~' ; k~~~ !r,. 1 1, ~ ~ r -- ~. . ~. p ~,: . 3~ - ~I _ - _ •~} - 1 ~ ~ ~ k~ r ' '~ f Gt ~• :_ ~~ ~, ~: .. `,y ~ , rot '"lDr. ,? M ~! ~~1 Development Corporation Property Amenities _~ ~, I)e~ elopment Corporation Property Amenities 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: - Washer/Dryer 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 ~_ 4 ti" Deg elupment Corporation Awards, Articles & Achievements ` ~ i a~ . Deg clupment Corporation -rroraaaie Mousing Awards ~ Achievement - 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 Housina 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 Eneray Green Buildinci Program: Riverside Meadows Apartments, One Star Rating - April 4, 2002; Austin Business Journal: Riverside Meadows Draws vn Expedited Zoning - December 19, 2001; Globe St.com: SE Austin Affordable Housing Project Gets Go- Ahead; Riverside Meadows Apartments - November 18, 2002; Peachtree Marketina, Advertisina & Communications "New Luxurious Apartment Community Celebrates Good Timing for Grand Opening." Sendero Ridge Apartments - December 13, 2001; The Citv of Austin and Austin Housina 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 AFFORDABLE ~~P HOUS F I N A ING N C E` > SPECIAL-NEED~ HOUSING , > REGIONAL REPORT: ^ SPECIAL FOCUS» THE AHF 50 Real Development in the GO Zone Realtex Developments goal is to construct up to 10 developments in affected areas in Mississippi BY DANA ENFINGER ealtex Development .+•as the first company to break ground on a new con- struction project in the Gulf Opportunity (GO) "Lone, according to President Rick Deyce. Sunset Way Apartments in Port Arthur, Texas, broke ground in July 2006. -We're actually almost finished ++ith construction: said Deyoe. "bfay 1 is ++•hen ++'e anticipate total completion. St'e've been working ven• closely with the city of Port Arthur. It took a direct hit from Hurricane Rita. Right now, the preleasing is going fabulous, unbeliev- able: The 96-unit project received pre- development loans from the city of Port Arthur and PNC MultiFamily Capital. The latter also provided construction financing and permanent financing. The total development cost is more than S10.6 million. Eighty percent of the units are resen•ed for households earn- ing no more than 60 percent of the area median income (AMI). The remaining units are reserved for households earn- ing 30 percent or less of the AM I. Realtex, based in Austin, has com- pleted 2.046 affordable units in 12 prop- er[ies-11 in Texas and oae in Dississippi-at a total cost of S157 mil- lion. The developer currently has six projects in Texas under construction at a total cost of 542.7 million. The company focuses on all areas of affordable housing from family develop- r MERMAN i KITTLE 500 E. 96th SL Suite 300; IrWlanapdis. IN 46240 284 3~ PROPERTIES. INC. (317i 663.6850 • www.hermankittle.com Todd Sears. vke president of finarxe »I•lerman b Kittle Properties Started three housmq tax credit or tax-exe 2007, with plans t0 Start n developments went 1,679 units. The firm wi menu to seniors housing, said Deyoe. Realtex is adept at working ++•itlt local housing authorities and handling differ- ent sources of financing: lo++'-income housing tas credits, Communitr• Development Block Grants. tax-exempt bonds, and financing from the Department of Housing and L'rban Development. -I had received calls from some con- sultants +vho do ++•ork in ~4ississippi who said the local housing authorities ++•ere looking for good-qualit}• developers to create affordable housing ++~th addition- al tax credits the}• had received from GO Zone legislation," said Deyce. `If ++•c ++•erc going to make a presence in Mississippi. we wanted to be along the Gulf Coast in the hardest-hit areas: Deyoe's ultimate goal in 2007 is to 1,228 MW. SC. SE Fw-profit ipt bored projects ~n 2006 and will tlo even more in De involved in the retlevelopment of the Gull Coast. 35 WASATCN ADVANTAGE CROUP 26522 La Alameda, Suite 260: Mission Veep, CA 92691 280 X50 West Foryrofit JeM Nielson, chief financial officer (949) 367-1393 www.netwasatcn.com 1DWa5atCh'S 1pCU$ mCWtleS dlfOldable multllamily and seniors housing That targets residents with eKOrnes Taxing ou[ at between SO percent and 60 percent of the AMI. The firm started two developments In 2006 and plans to start six in 21>QT. 3'~ LEON N. YVEN7[R i ASSOCIATES, INC. a Denny Road: wdrningt«+ DE 19809 278 395 MW. NE. SE Fort Kevin P. KNIY. President 13021764.9430 www.lnwacom »Leon N. Weiner b Associates started three tax credit or to.-exempt bond proletts in 2006 and pans to start tour more in 2007. In addition to new C0115IfUCtIOn pfojeCtS• tfle firm SpeCiallZeS in the fehatMl4ation Of $eC. 8 Dfoperbe5. 38NORSTAR DEVELOPMENT USA, LP 200 S. Division St.: Butfab. NY 14204 2S9 >n Natgnal For-profit Linda L Goodman, director 1716) 847.1098 wwwnorstarcompanies.com Of project development taloprstar Development started three projects with 259 units in 2005 and expects to start five more with 6931wnts in 2007 A SpeClal area d focus fa the [Omparly is redevebpment of public housing. 39 DUNK D[V[LOPMENT CORP. 151 Seventh Ave.. 2nd Floor, Brooklyn, NY nzl5 247 Sa NE For-profd t~/1 Martin Gunn. pre!Sidtnt (718) 388-9407 wwwAUnrWev.COrtf »Dunn Development has expertise in affordable and supportive nous~nq, It "as created mi:ed•income and green•twiltlinq developments. including 1212 MLK Apartments in New Yorx Crty, the 1~rs[ m~ttilamily mrd-rise o< hphKise apartment to receive the Energy Star label. 46 kFFORDABLE HOUSING FINANCE MAY 2007 23THE PAUFiC CGS -30 c State St Su to 10U Eagle, IC 83616 424 SJG vir r , r.-~ JCaleb Roope, president S CEO x.208! 46t-0022 +vviw.tpc'~.ousrnq.com »The Pacific Cos. develops affordable housing throughout the Western U.s. The firm startetl seven developments in 2006. It expects to do even more in 2007, with plans to start 12 proiects with more than 600 units. 2A REALTEX DEVELOPMENT CORP. 912 S Capital of Te~ras Mighwax suite 200: Austin. TX 7(3746 396 248 SC For-profit Rlck Deyoe, president (SRi 306-9206 www.realtexdevelopment.cOm »ReaRex Development DuAds a variety of affordable housing products. In 2006, R partnered with five different public housing autlti0rities on deals. In 2007, Realtex wilt focus on developing in Mississippi, where it is working with a housing authority to help relwltd the hurcicane•damaged areas. ARLINGTON PARTNERSHIP 2704 N. Pershing Drive; Arlington, VA 22201 3B3 NIA Arlington County. Va. Nonprof;? FOR AFFORDABLE HOUSING (703) 776.2657 www.apah.Org Douglas E. PetvrsOn, »founded in 1489, Arlington Partnership for Affordable Housing focuses or providing affordable 1lprsinq opportunities to bw- executive dkector and inoderati>-income people In Arlington County, va. tt owns 514 units. 26 CIT12EN5 HOUSING CORP. 26 O'Farrell st., suite 600; San Frarxisco, CA 94108 350 92 California Nonprofit James M. Buckley, president (415) 421-8605 www,Ci6zensh0usinq.orq »lncorporated in 1992, Citizens Housing's diverse portfolio includes transitional housing On a former naval base and historic buildups that have been readapted for affordable housing. It began construction On four attordatNe Housing developments in 7AAG ~~ _~~_~.i,; build up to 10 affordable housing pro- jects in the GO Zone. So far, Reattex has received approvals for four GO Zone developments in Mississippi: tw•o in Pascagoula, and one each in the cities of .;~ i' D'Iberville and Gulfport. The developer has submitted six additional applications to build apartment communities in 1SSississippi. Reattex has contracted «ith Gulf States Inter-Faith Supportive Services to provide a variety of services to tenanu. For 40 years, the nonprofit organization has provided 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 Mississippi, and Texas. Deyce said the top three challenges he faces as an affordable housing devel- oper are finding land, overcoming NIMBYism, and coping with increasing development costs. He would like to see an increase in the per capita tax credit in order to offset rising development costs and operating expenses. At press time, Deyce was meeting with various cih• offi- cials in Mississippi to promote his firms developments. "NI)t4BYism is a huge issue for us," said Deyce. "From one city to the next, they either want ~rou or it's 'not in our back yard: We'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 nicest apart- ments in town " ^ ~/~GEORGE GEKAKIS, INC. 2655 5. Raintrow Blvd_ Suite 4ot; Las Vegas. NV 89146 238 N/A Nfest ForyrofR George Gekakis. president ?02> 364-8077 www.ggideveiopment.cam »TI1e firm }bCUSes On dffordeble Sen10rs hdusinq. George vekaki5. In,., will bE tafgetinq its Work in LeS Vegas and CWrk r-a,nty, Nev. Ttte company plans to start two QevelOprttent5 in 2007. 41 PAVNEt)EVELOPM[NT,LLC 379RODeiOpLspbSt,$ulpea60;5an,Aiant:apistrangGAg1a675223 '83 West For-profit 1 Ktvin P. Payne, presWeM (949) 542.8700 »Payne Development focuses On family and SMiOrs apartments. it started three affardatNe hbUSing developments with 223 units in 2006 and expects to increase prodixtbn in 2007 by starting seven projects with 427 urt45. 42 PEA`N ~~~~ z99 S. Park Ave. Tucson, AZ 85719 220 N/A West For-profit Ron Schwabe, presl0ant (520)798-3331 www.peachprops.com 7pPeach Prbpertie5 is invdlve0 in both new COnSiruCfiOn dntl dCatuSdipn and "ehabilitatipn deals. The firm expects t0 Start about 300 units in 2007. CDNM GROUP, LLC 2r37 N. Cwrbertay parkway, Suite 23: Merritt (stand. FL 32953 196 720 SC For-profiA Donald Pace, owner and general partner (327) 453.3777 79CDHM Group is a small firm that completed a 1Z0•unit vrple-family deveklpmer7tn OOma. Texas, and started construction on two other devebpments in Texas in 2006. A,~ PATNWAy sEN10R LIVINQ L1G 707 Lee St.. Suite 450: Des Plaines, lL 60016 1T7 228 Midwest For-profit Jerome E. F'mis, princiyal (847) 768•St04 www.Dathwaysenibrlivinq.com 7oPathway Senior Living devebps artd operates housing for seniors. A signature program is its affordable assatedirvinq facilities. Pathway opened two affordable assisted-livinq communities in 2006. AFFORDABLE MOVSING FINANCE MAV 200' 47 Reattex Development Corp: s Sunset Way Apartments, the first project to break ground In the Guli Opportunity Zone, is set to open May 1 In Port Arthur. Texas.