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114 Regular Meeting November 19, 1984 Page 7 Mayor Craddock introduced for consideration adoption of a Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS AUTHORIZING AND APPROVING THE TERMS AND CONDITIONS OF A PROPOSED INTERAGENCY AGREEMENT ON LAW ENFORCEMENT POLICIES, PRACTICES, AND PROCEDURES BETWEEN SAID CITY AND SOUTHWEST TEXAS STATE UNIVERSITY; AUTHORIZING THE MAYOR TO EXECUTE SAID AGREEMENT ON BE- HALF OF SAID CITY AND DECLARING AN EFFECTIVE DATE. Mayor Craddock moved to table this Resolution and Mr. Farr seconded the motion, which passed unanimously (Mr. Coddington was not present to vote on this matter). Mayor Craddock introduced for consideration approval of the issuance of Multi-Family Housing Bonds by Capital Area Housing Finance Corpora- tion for the project known as Post Oak Apartments (C. A. Elder and Steve Epps, General Partners). Tess Norris, the City's representative on the Capital Area Housing Finance Corporation, Richard Bean, Execu- tive Director to CAPCO and the Secretary of the Capital Area Housing Finance Corporation, and Hichael Yungman, the bond attorney for the Capital Area Housing Finance Corporation, were present to answer ques- tions of the Council regarding this program. Mrs. Norris stated the CAHFC is composed of seven counties. They have obtained lenders and University Savings and Loan is the only local lending institution par- ticipating in their program. The project is to provide housing for low to moderate incomes ($20,000.00/$44,000.00). The Board reviews each developer's plans. She said a few projects had been built in San Marcos through their funding. Twenty percent of the rentals are required to be set aside for low income and vacancies cannot be used to fill the quota as low income. Mr. Bean introduced himself and stated some single-family housing funding had been used in San Marcos and then introduced Mr. Yungman. Mr. Yungman stated the incomes were set up on a median average of the area and $22,640 was considered low income. He stated part-time students could qualify for low income (full-time students cannot qualify for this housing). Mr. Scott Sheldon of Sheldon and King law firm in Beaumont, representing Messrs. Elder and Epps, stated the project would provide a benefit to low income households, by providing the same type housing as those who qualify for moderate income, and that they would meet all federal guidelines set out in Section 103. Ms. Kissler stated at some future time she would like the Council to look at the Capital Area Housing Finance Corporation Program to see if the City wants to continue participating. Mr. Guerra moved to approve issuance of the bonds and Mayor Craddock se- conded the motion. On roll call the following vote was recorded: AYE: Coddington, Farr, Craddock, Guerra, Kissler. NAY: Brown, Moore. ABSTAIN: None. Mayor Craddock introduced a discussion on the issuance of Multi-Housing Bonds by the Capital Area Housing Finance Corporation for a project known as the San Marcos Ranch. Ken Kraus, representing Ken Rice, stated this was a project to be developed on the area on Ranch Road 12 which in recent months had been zoned for PUD development. He stated this type housing provided some assistance to low income, but that a project had to be economically feasible to be developed and be kept up. He stated the City would not want all low income concentrated in one area and the 20% figure provided a means of distributing low in- come housing (Jaime Moore left the meeting during this item 10:15 p.m.).