HomeMy WebLinkAbout030424 RES - 02/17/2015 Resolution of the City Council of the City of Corpus Christi, Texas in support of the
proposed affordable housing project known as Stonehenge Place Apartments to
be developed by Thoroughbred Texas, LLC.
Whereas, Thoroughbred Texas, LLC. (the "Applicant") has proposed a
development project to construct 120 apartments to provide affordable housing that is
located at 5409 Lipes Blvd., Corpus Christi, Texas 78413 and named Stonehenge Place
Apartments ("Stonehenge Place Apartment Project"); and
Whereas, the Applicant intends to submit an application to the Texas Department
of Housing and Community Affairs ("TDHCA") for 2015 Housing Tax Credits for the
Stonehenge Place Apartment Project; and
Whereas, the City of Corpus Christi will provide its assistance under the HOME
Program utilizing loan terms that meet the requirements of the TDHCA 2015 Qualified
Allocation Plan, Section 11.9(d)(2) in order to ensure the maximum possible score by the
applicant under TDHCA's rules;
Whereas, the Applicant has pre-applied for HOME funding for the Stonehenge
Place Apartment Project in the amount of$300,000 from the City of Corpus Christi; and
Whereas, the City of Corpus Christi intends to commit set aside HOME Funds
from the City of Corpus Christi FY 2015 Consolidated Annual Action Plan ("CAAP") to
support the Applicant's Stonehenge Place Apartment Project contingent upon an award
of Housing Tax Credits from the TDHCA to Applicant and subject to available funds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
Section 1. The City Council for the City of Corpus Christi hereby supports the
proposed Stonehenge Place Apartment Project.
Section 2. The City Council for the City of Corpus Christi hereby acknowledges
the support for the allocation of Housing Tax Credits for the Stonehenge Place Apartment
Project. Funding from the City of Corpus Christi for this proposed project will be subject
to award of Housing Tax Credits to Applicant and receipt of available HOME funds to be
approved by U.S. Department of Housing and Urban Development through the City of
Corpus Christi FY 2015 CAAP.
030424
INDEXED
PASSED AND APPROVED this 11 ay of , 2015 at a Regular
Meeting of the City Council of the City of Corpus Christi, Texas.
ASE T: CI F CORPUS CHRISTI
Rebecca Huerta Nelda Martinez
City Secretary Mayor
Corpus Christi, Texas
of , 2015
4
The above resolution was passed by the following vote:
Nelda Martinez
Rudy Garza, Jr. I
Chad Magill I/ ,
Colleen McIntyre
Lillian Riojas OW6A-'
Brian Rosas
Lucy Rubio
Mark Scott _1(h„F
Carolyn Vaughn
030424