STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 23, 2019
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
______________________________________________________________________
SUBJECT
title
Authorize amendments to Resolution No. 14-1271, as amended, previously approved on August 13, 2014, for a development agreement with Texas IntownHomes, LLC (the "Developer") for the Cedar Branch Townhome Project (the "Project") in the Southwestern Medical Tax Increment Financing ("TIF") District to (1) limit the City's remedy for any default by the Developer to only forfeiture of the affordable housing grant and public infrastructure TIF funds not yet paid to the Developer at the time of default; (2) extend the Phase I completion deadline for the project from June 30, 2020 to December 31, 2022; (3) extend the Phase II completion deadline for the project from June 30, 2022 to December 31, 2027; (4) allow the $2,888,366.00 TIF subsidy for public infrastructure improvements to be evenly divided among the 23 affordable townhomes and paid to the Developer at the closing of each affordable townhome sale to a qualified buyer; (5) allow for no recapture of TIF subsidy amounts (both affordable housing grant and public infrastructure payments) paid to the Developer at the closing of an affordable townhome sale to a qualified buyer; (6) increase the minimum private investment for the project from $25,000,000.00 to $26,500,000.00 as consideration for the requested amendments; and (7) correct the City approval needed for completion of the townhomes - Financing: No cost consideration to the City
body
BACKGROUND
The Cedar Branch Townhome Project was originally approved by City Council in 2014 with the goal of becoming the first project in a TIF district to provide mixed-income for-sale housing. As proposed in 2014, the Project included the construction of 112 3-story townhomes in two phases (Phase I - 50 units; P...
Click here for full text