Res 2024-091 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 CenterPoint Depot Multifamily Housing Project

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preparation; Reporting rent payments to credit bureaus upon request; Annual health fair; Notary services during regular business hours; part-time resident services coordinator; education tuition- or savings-match program or scholarships to residents who may attend college. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The San Marcos City Council finds the Recitals to be true and correct and adopts them as the findings of the City Council and incorporates them as part of this resolution. PART 2. After due consideration of the findings of the City Council as stated in the Recitals,the information provided by the Applicant and any public comment,the City of San Marcos, Texas has no objection to the proposed application for the Project to the TDHCA, and confirms that the City Council has voted specifically to support the submittal of applications for the Project and to authorize an allocation of Housing Tax Credits for the Project pursuant to Texas Government Code §2306.6703(a)(4). PART 3. As conditions of approval of this resolution: a. The Applicant must comply with all City of San Marcos rules and regulations governing the development of the Project including, but not limited to: i. the adopted Transportation Master Plan; ii. all standards and regulations within the City's Code of Ordinances; and 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. C. The Applicant must submit an executed Memorandum of Understanding for each local residential support service provider prior to the approval of future permits. d. The City Manager, or her designee, is authorized to, and the applicant shall, execute a Payment in Lieu of Taxes (PILOT) Program with the City to the value of $400,000.00. 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.