2004-04-26 Regular Meeting, Public Hearing, and Workshop Meeting

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• • REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: Ma 4 Requested By: Department: Report: X Resolution: Ordinance: Exhibits: Memorandum Dated Apri15, 2004 Exhibits: TDHCA Aaalications-Bayforest /Fair Mist Exhibits: Survey of A.ngrtment nccuna~ Rates Exlbits: P.D. Calls for Service to Apartments Annroariation Source of Funds: Account Number• Amount Budgeted: Amount Requested: Budgeted Item: YES NO SUMMARY & RECOMMENDATION At the April 12 Workshop Meeting, Council received an update on various Housing Tax Credit Projects proposed in I.a Porte (using a variety of financing). It was noted that TDHCA has, in their notification letters, welcomed input. Council also: ^ Received information regarding HB3546 ^ Heard from two project developers ^ Heard from David Turkel regarding Harris County Housing Authority's: o Participation in financing and potential for ownership for two projects, Bayforest Ranch and Fair Mist, o Willingness to enter into a separate agreement to make payments in-lieu of taxes (requires approval of Harris County Housing Authority's Boazd) The two projects with the most significant tax implications are Bayforest Ranch and Fair Mist Apartments, due to Harris County Housing Authority's participation in financing. The current statuses of those two projects are: Bayforest Ranch (Proposed Harris County Housing Authority Participation) ^ Developers withdrew their request for Planning and Zoning Commission (P&Z) consideration of an amended SCUP at the March 29 P&Z Meeting ^ Developers have re-designed the layout with an intent to meet the City's provisions for a zero lot line R-2 subdivision ^ Developers re-designed the exterior appeazance of the proposed buildings (renderings available at Council Meeting) ^ Bayforest Ranch is scheduled to return to P&Z on May 20 for their consideration of an amended SCUP replacing the previously approved apartment complex (density still to be determined) with a proposed 100 free-standing, 4-bedroom, 1300 sq ft units. ^ After P&Z consideration, the request for an amended SCUP would then come to City Council for final approval Note: If Council establishes a position on this Housing Tax Credit Project, (or other Housing Tax Credit Projects within the TIRZ), it may assist the developer in determining if (and how) he might proceed, as they will be spending additional funds preparing for future P&Z and Council consideration. ^ As a refresher for Council, the Bayforest Ranch application for Housing Tax Credits is attached