Res 2020-028/providing no objection to the submission of an application for low income housing tax credits to the Texas Department of Housing and Community Affairs for the proposed Lantana on Bastrop Multifamily Housing Project located at the intersectio

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RESOLUTION NO. 2020-28R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS PROVIDING NO OBJECTION TO THE SUBMISSION OF AN APPLICATION FOR LOW INCOME HOUSING TAX CREDITS TO THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR THE PROPOSED LANTANA ON BASTROP MULTIFAMILY HOUSING PROJECT LOCATED AT THE INTERSECTION OF SOUTH OLD BASTROP HIGHWAY AND RATTLER ROAD; APPROVING FINDINGS RELATED TO THE APPLICATION; IMPOSING CONDITIONS FOR SUCH NON OBJECTION, INCLUDING THE REQUIREMENT THAT THE APPLICANT MAKE AN ANNUAL PAYMENT IN LIEU OF TAXES; PROVIDING AUTHORIZATIONS FOR EXECUTION OR SUBMISSION OF DOCUMENTS RELATED TO THE APPLICATION AND FOR NEGOTIATION AND EXECUTION OF AN AGREEMENT FOR THE ANNUAL PAYMENT IN LIEU OF TAXES; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. Mission DG, LTD (the "Applicant") has proposed a multifamily development presently known as "Lantana on Bastrop" for affordable rental housing at the intersection of South Old Bastrop Highway and Rattler Road in the City of San Marcos which will include 216 units (the "Project"). 2. The Applicant has communicated that it intends to submit an application to the Texas Department of Housing and Community Affairs ("TDHCA") for Low Income Housing Tax Credits for the Project. 3. As provided for in §11.3(c) of the Qualified Allocation Plan, the City of San Marcos has more than twice the state average of units per capita supported by Housing Tax Credits or Private Activity Bonds. 4. In accordance with the requirements of Texas Government Code §2306.67071 and Texas Administrative Code §11.204(4): a. notice has been provided to the City of San Marcos, Texas; b. the City of San Marcos, Texas has had sufficient opportunity to obtain a response from the Applicant regarding any questions or concerns about the Project; and C. the City of San Marcos, Texas has held a hearing at which public comment may be made on the Project. 5. The Applicant has demonstrated that the Project meets the necessary criteria in order to be considered for an exemption from local taxes as follows: