Res 2021-086/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 Legacy Square Senior (55+)

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RESOLUTION NO. 2021-86R 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 LEGACY SQUARE SENIOR (55+) MULTIFAMILY HOUSING PROJECT LOCATED AT THE NORTHEAST CORNER OF REDWOOD ROAD AND SOUTH OLD BASTROP HIGHWAY; APPROVING FINDINGS RELATED TO THE APPLICATION; IMPOSING CONDITIONS FOR SUCH . NON OBJECTION; APPROVING AN ASSOCIATED AGREEMENT UNDER WHICH THE OWNER OF THE PROJECT WILL MAKE AN ANNUAL PAYMENT IN LIEU OF TAXES IN THE AMOUNT OF $75,000 AND INCREASING BY $1,500 ANNUALLY; AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE, TO EXECUTE SAID AGREEMENT AND TO SUBMIT AND EXECUTE DOCUMENTS RELATED TO THE APPLICATION; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. Kittle Property Group, Inc. (the "Applicant") has proposed a multifamily development presently known as "Legacy Square" for affordable senior (55+) rental housing at the Northeast Corner of Redwood Road and South Old Bastrop Highway in the City of San Marcos which will include 210 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 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.