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HomeMy WebLinkAboutPR13065:SOUTHWOOD CROSSING APTSINTER OFFICE MEMO TO: Mayor, City Council & City Manager From: Mark T. Sokolow, City Attorney ~ ~ Subject: P. R. No. 13065 Council Meeting March 11, 2005 Date: March 11, 2005 Attached is P.R. No. 13065 approving the application for low income tax credits as it pertains to Southwood Crossing Apartments, LP. MTS/ts Attachment cc: VIA FACSIMILE (409) 721-6603 Ike Akbari ITEX PROPERTY MANAGEMENT, LLC z .pr13065.memo P. R. No. 13065 03/11/05 ts RESOLUTION NO. A RESOLUTION APPROVING THE APPLICATION FOR LOW INCOME TAX CREDITS AS IT PERTAINS TO SOUTHWOOD CROSSING APARTMENTS, LP WHEREAS, the City has been apprised of the pending application by Mr. Akbari and affiliated entities, for low income housing tax credits (the ~Application")as delineated in Exhibit ~A"; and WHEREAS, the Applicant is seeking an allocation of low income housing tax credits for the construction of a multi-family affordable housing complex to be known as Southwood Crossing Apartments {the ~Development") within the City; and WHEREAS, TDHCA requires the express approval of the governing body of the City in order for the Applicant to be awarded an allocation of low income housing tax credits by TDHCA; and WHEREAS, there is no financial obligation of the City. NOW THEREFORE, BE IT RESOLVED BY TEE CITY COUNCIL OF THE CITY TEXAS= That the facts and opinions in the preamble are OF PORT ARTHUR, Section 1. true and correct. Section 2. That the City hereby authorizes an allocation of low income housing tax credits for the Development. Section 3. The City acknowledges that this Resolution shall constitute a written statement of support for the Development as required by the 2005 Qualified Allocation Plan and Rules adopted by TDHCA, as set Administrative Code. Section 4. shall not obligate part. Section 5. forth in Title 10, Part i of the Texas That approval of this resolution does not and the City to fund the project in whole or in That the applicant shall deliver to the City a full copy of the application. Section 6. That the applicant shall comply with all City resolutions, City ordinances, and state law. Section 7. That this resolution is contingent on the complex and improvements remaining taxable. Section 8. 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., 2005, at a Regular Meeting of the City Council of the City of Port Arthur, Texas, by the following vote: AYES: Mayor ' Councilmembers NOES: ATTEST= CITY SECRETARY MAYOR APPROVED AS TO FORM: CITY ATTORNEY APPROVED FOR ADMINISTRATION: CITY MANAGER EXHIBIT "A" ProJect Descriptmn: Southwood Crossin~ Apm~anentS Southwood Crossing Apamnents (the Development) is a proposed affordable housing development which will consist of 120 nmts of 1 2 and 3 bedroom auartments which will be located on approximately 14 acres located a~ 3901 llwy, 73~ Port Arthm, Texas, Exhibit 'A"