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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W. requirements for submission of required applications and payment of applicable fees. b. The Applicant may not apply for and the Project will not be eligible to receive any variances from any applicable City of San Marcos ordinances, rules or regulations except: i. A request for an Alternative Compliance to deviate from the two-story minimum requirements as outlined in Section 4.3.4.4; C. The Applicant must submit an executed Memorandum of Understanding for each local residential support service provider prior to the approval of future permits and the Memorandum of Understandings shall include language that directs advertising for the Project to San Marcos residents. d. The Applicant must make an annual Payment in Lieu of Taxes (PILOT) to the City of San Marcos in the amount of $75,000 with an annual increase of $1,500. The PILOT will begin in Year 1 of the Project's life. e. The Applicant shall ensure that the requirement to make an annual PILOT shall be included as a covenant or obligation of the Applicant (and any successors) in the trust indenture for all bonds issued in connection with the Project and in the Land Use Restriction Agreement for the Project approved by TDHCA. PART 4. To the extent applicable, the City Council hereby approves the application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (the "Act"), to the property on which the development will be constructed and grants its approval for the use of proceeds of bonds issued by a housing finance corporation pursuant to the Act to finance construction of the development. PART 5. As provided for in 10 TAC §11.3(d) it is hereby acknowledged that the proposed New Construction or Adaptive Reuse Development is located one linear mile or less from a Development that serves the same type of household as the proposed Development and has received an allocation of Housing Tax Credits (or private activity bonds) for New Construction in the three- year period preceding the date the Certificate of Reservation is issued. PART 6. As provided for in 10 TAC §I 1.3(e) and §11.4(c)(1), it is hereby acknowledged that the proposed New Construction Development is located in a census tract that has more than 20% Housing Tax Credit Units per total household and the proposed Development is consistent with the City's obligation to affirmatively further fair housing and the City has no objection to the Application. PART 7. The Mayor or the City Manager, are each authorized to execute any and all documents as necessary for the Applicant to complete its application for the Project to the TDHCA, and the City Manager, or his designee, is further authorized to negotiate the terms of and to execute an agreement for an annual PILOT consistent with Part 3(d) above.