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Regular Meeting July 26, 2004 93. Page 17 afternoon. He stated the Capital Area Housing Finance Corporation informed Staff the willow Springs P.I.L.O.T. project has to get an approval from the Texas Department of Housing and Community, which meets this Wednesday. He stated the Board has recommended a denial for the project. Mr. O'Leary stated Staff also learned another apartment complex student housing has been taken off the tax rolls (Westfield Apts.). Mr. O'Leary stated the law changed in January I, 2004, and this property was removed from the tax roll in December, 2003. Mayor Narvaiz stated Capital Area Housing Finance Corporation indicated the finance corporation, which is in partnership with willow Springs would pullout of the partnership if the project is denied at the Wednesday's hearing. Mr. O'Leary stated the Capital Area Housing Finance Corporation felt if the willow Springs project was going to be a tax-exempt property, they saw an equity issue existed with the Stone Brook property; and they are supportive of this project. He also stated the Capital Area Housing Finance Corporation stated if the willow Springs project goes away, then there is no longer the equality argument and they would not support this project either. Mayor Narvaiz stated she feels this discussion should be tabled until after the hearing on Wednesday. Mr. Taylor stated willow Springs came to the Council with a P.I.L.O.T. program and he voted against this project. He stated he does not feel any property should be removed from the tax rolls. He stated if willow Spring got the P.I.L.O.T. program, from an equity issue, he would support Stone Brook Senior Community getting the P.I.L.O.T. program also. Mr. Mihalkanin stated he agrees with Mr. Taylor regarding being in favor of granting a P.I.L.O.T. program to Stone Brook if the willow Springs is not denied. He stated if the Willow Springs P.I.L.O.T. project is denied, he would be open to other proposals that Stone Brook might be given in terms of some consideration. He stated he agrees seniors put less of a hit on city services, they do spend money regularly and they are good citizens. Mr. Bose inquired as to the necessary changes in legal structure of the partnership. Mr. Mark Taylor stated from reading a letter from Jim Shaw, the Executive Director of the Capital Area Housing Finance Corporation, CAHFC would need to become the general partner in a new partnership, which owns the Stone Brook Seniors Community under a new ownership. He stated the new partnership would own Stone Book Seniors and CAHFC would be the general partner. Mayor Narvaiz stated the CAHFC would, in essence, become the San Marcos Housing Authority and would not have a local program, which was one of the reasons some of the Council supported the Willow Springs P.I.L.O.T. program. She stated the arrangement was with the local Housing Authority and the dollars would be reciprocal into the local non-profit program. Mr. Thomaides inquired as to the amount of taxes paid on the Stone Brook Senior Community property. Mr. O'Leary stated the property is valued at 6.9 million dollars and the City's property tax revenue is $32,898.00. Mr. Mark Taylor stated if this property was intended to be set up like the P.I.L.O.T. agreement, the $25,000.00 was a total annual paYment in lieV of property taxes and the City was going to get about $4,000.00 to $5,000.00, the county would get a similar amount and the school district about