STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: September 25, 2019
COUNCIL DISTRICT(S): 9
DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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Authorize a second amendment to Resolution No. 19-0387 and first amendment to Resolution No. 19-0945, previously approved on February 27, 2019 and June 12, 2019, as amended, for a mixed-income multifamily complex for seniors to be located at 2649 Centerville Road (Development) to: (1) remove the permanent repayment guaranty requirement of Generation Housing Partners, LLC, Hill Tide Partners, LLC, and Monarch Private Investments, LLC; (2) add to the requirement that the City only be added as an additional obligee on payment and performance bonds furnished by TX Casa View 2018, Ltd. to its senior construction lender, if allowed by the permanent lender; and (3) add a minimum investment requirement for TX Casa View 2018, Ltd. of $25,000,000.00 to construct the improvements for the Development as additional consideration; and (4) clarify that the nonprofit entity may assign certain obligations under conditional grant agreement to TX Casa View 2018, Ltd. - Financing: No cost consideration to the City
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BACKGROUND
On February 27, 2019, City Council authorized a loan agreement with TX Casa View 2018, Ltd. (TCV) and conditional grant agreement with a to be determined nonprofit to rehabilitate all 40 existing units and construct 224 new units for seniors at the Estates at Shiloh Apartments. The proposed Development will have 4-three story buildings with ventilated corridors and accessible elevators. Planned amenities include renovation of the existing 9,000 square foot community center, swimming pool, community garden, landscaping and lighted sidewalks connecting buildings, and a dog park. TCV is an affiliate of Generation Housing Partners, LLC and Hill Tide Development, LLC. As part of the terms, Generati...
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