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i <br />• <br />Fair Mist Apartments (proposed Harris County Housing Authority Participation) <br />^ Fair Mist Apartments project required a re-zoning change to move forward <br />^ On Apri126 just prior to Council consideration of P&Z's recommendation, Fair Mist Apartments requested <br />a withdrawal of the re-zoning consideration <br />^ Council went forward and acted on P&Z's recommendation to deny the re-zoning <br />^ Fair Mist has indicated their intent to re-design the project to meet the City's R-2 standards, thus not <br />requiring any future re-zoning activity <br />^ As far as we know, Fair Mist will still pursue the Housing Tax Credits and Hams County Housing <br />Authority's financing and potential ownership. <br />^ As a refresher for Council, the Fair Mist application for Housing Tax Credit is attached <br />Current status of Alexander Ridse Apartments <br />^ Located on Spencer near Spencer Landing <br />^ No participation in ownership by Harris County <br />^ No zone change or SCUP required. Property is currently zoned R-3 <br />^ Developer has met with at least on local Homeowners' Association (Spencer Landing) <br />^ Proposing an 180-unit apartment complex with 1, 2, and 3 bedroom apartments <br />If Council wishes to express a position on these Housing Tax Credit applications, they may wish to consider the <br />following: <br />^ Comprehensive Plan Goals <br />^ Expectations of development within the TIRZ (Bayforest Ranch only) <br />^ Tax Revenue Implications and teams of HB3546 <br />o Method of appraisal dictated <br />Qualified organizations ability to request exemption from taxation <br />^ Terms and conditions of a possible agreement with Hams County Housing Authority (payments in- <br />lieu of taxes) requiring their Board approval (at this point Bayforest and Fair Mist only) <br />o Term of agreement <br />o Changes in ownership <br />o Future legislative changes <br />o Appraisal constraints of HB3546 <br />o Revenue and tax constraints imposed by HB3546 <br />o Other miscellaneous tenms <br />In addition, we anticipated two more Housing Tax Credit Projects. <br />^ Indigo Creek -heard on 5/4/04, they have withdrawn <br />^ Seville -status unknown <br />Action Required by Council: <br />`~C <br />A roved for Ci Council A ends <br />~' lJ^~ <br />Debra B. Feazelle, City Mana Date <br />