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218. RESOLUTION NO. 2004- 96 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS DIRECTING THE CITY MANAGER AND CITY ATTORNEY TO NEGOTIATE AN AGREEMENT BETWEEN THE CITY AND OTHER PARTIES FOR PAYMENTS IN LIEU OF TAXES FOR THE WILLOW SPRINGS SENIOR RESIDENCE DEVELOPMENT IN THE 2600 BLOCK OF HUNTER ROAD; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. WHEREAS, the Housing Authority of the City of San Marcos ("Housing Authority"), by and through an instrlunentality nonprofit corporation and related entities to-be-forlned to serve as the Inanaging general partner, co-general partner, co-developer, and owner of a 180-unit apartment c0111plex located in the 2600 block of Hunter Road, in the city of San Marcos, to be known as "Willow Springs Senior Residences" ("Project"); 2. WHEREAS, the Project would be exelnpt frOITI ad valOrelTI property taxes under Tex. Local Governlnent Code, Pali 392.005(c) if the Housing Authority controls 100% of the general partnership interest in the Project ovvner; 3. WHEREAS, the statutory purpose of the Housing Authority is to provide decent housing that is affordable to lower incolne residents of the city of San Marcos; 4. WHEREAS, the Housing Authority intends to acquire, develop, construct, finance, and operate the Project with the proceeds of 111ttltifalnily housing revenue bonds issued by the Capital Area Housing Finance Corporation and capital contributions frOITI investor litnited partners seeking the tax benefits of low incoIne housing credits allocated to the Project by the Texas Departlllent of Housing and C0111111unity Affairs ("TDHCA"); 5. WHEREAS, the Project is expected to provide new housing that will be affordable to residents age 55 and over whose incollles do not exceed 600/0 of the area 111edian inconle as deternlined by TDHCA; 6. WHEREAS, the City of San Marcos ("City") recognizes the benefits that the Project lnay provide to the citizens of the city of San Marcos 7. WHEREAS, the City wishes to consider entering into an agreelnent under which the Project Owner willlnake paYlllents in lieu of taxes to certain taxing entities in the jurisdictions where the Project is located; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The City Manager and the City Attorney are authorized and directed to negotiate the terJllS of an agreelTIent between the City and other parties for paYlllents in lieu of taxes to taxing entities in the jurisdiction where the Project is located, such agreenlent to be subject to approval by the City Council upon finalization.