Res 2004-106 - Laserfiche WebLink

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~53. RESOLUTION NO. 2004- I06 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING A LETTER OF INTENT REGARDING PAYMENTS IN LIEU OF TAXES FOR THE PROPOSED 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 Hunter Road Affordable Housing, LP (the "Project Owner"), has requested that the City enter into a letter of intent regarding payments in lieu of taxes ("PILOT") to be made by the Project Owner to taxing units in com~ection with the development and operation of a tax-exempt, 180 unit affordable housing complex to be known as the Willow Springs Senior Residences (the "Project") in the 2600 block of Hunter Road; 2. WHEREAS, the City understands that the Project will be developed with the proceeds of multifamily housing revenue bonds (the "Bond Issue") issued by the Capital Area Housing Finance Corporation ("CAHFC"); 3. WHEREAS, the City also understands that the purpose of the Project will be to provide safe, attractive and affordable housing to persons 55 years of age and older whose income is 60% or less of the median income for residents of the City; 4. WHEREAS, the City recognizes the benefits that the Project may provide to the citizens of the City; 7. WHEREAS, the City Council wishes to evidence its approval of the Project, and the agreement by the City and the Project Owner to proceed with a PILOT arrangement as described in the attached letter of intent, the terms of which will be incorporated into the Bond Issue documentation; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The attached letter of intent between the City and Hunter Road Affordable Housing, LP regarding payments in lieu of taxes for the Project is approved. PART 2. This Resolution is in full force and effect immediately from and after its adoption.