HomeMy WebLinkAbout032025 ORD - 02/18/2020 Page 1 of 2
Ordinance authorizing a Type B Affordable Housing agreement with TG 110
Village at Greenwood GP, LLC in the amount of$1,250,000 for a $12.7 million
dollar development with 30 affordable housing rental units out of a total of 60
multi-family, mixed income units to be paid over two years; appropriating
funds in the amount of $625,000 from the Type B Affordable Housing Fund;
and amending the budget.
Whereas, the Corpus Christi B Corporation ("Type B Corporation") has budgeted funds
for the promotion and development of affordable housing in the City of Corpus Christi,
Texas ("City").
Whereas, City Council deems that it is in the best interest of the City and citizens to
approve the affordable housing between the Type B Corporation and TG 110 Village at
Greenwood GP, LLC for the development of 30 affordable housing units in Corpus Christi;
and
Whereas, the Board of the Directors of the Type B Corporation (the "Board") approved
an agreement with TG 110 Village at Greenwood GP, LLC for an incentive of up to
$1,250,000 paid over two years at its meeting on January 27, 2020.
Now, therefore, be it resolved by the City Council of the City of Corpus Christi,
Texas:
SECTION 1. That the affordable housing agreement between the Type B Corporation
and TG 110 Village at Greenwood GP, LLC for the development of 30 affordable housing
rental units in Corpus Christi is approved.
SECTION 2. That funds in the amount of$625,000 are appropriated from the unreserved
fund balance in the No. 1145 Type B Fund for the affordable housing agreement between
the Type B Corporation and TG 110 Village at Greenwood GP, LLC, for the first years'
funding of the development of 30 affordable housing rental units in Corpus Christi.
SECTION 3. That Ordinance No. 031870, which adopted the FY 2019-2020 Operating
Fund, is amended to increase proposed expenditures in the No. 1145 Type B Fund by
$625,000 Fund for the affordable housing agreement between the Type B Corporation
and TG 110 Village at Greenwood GP, LLC.
032025
SCANNED
Page 2 of 2
That the foregoing ordinance was read for the first time and passed to its second
reading on this the 1\1\ day of -2 .. , 2020, by the following vote:
Joe McComb Hunter ��
Roland Barrera Ben Molina
Rudy Garza No Everett Roy Akte,
Paulette M. Guajardo NO Greg Smith AY--
Gil
' `"Gil Hernandez N 6
That th foregoing ordinance was read for the second time and passed finally on this
the 1 day of 2020, by the following vote:
Joe McComb \` Michael Hunter Al,e,
Roland Barrera Ben Molina
A.‘lt-'
Rudy Garza NO Everett Roy N.'e-'ititj, &4_0
Paulette M. Guajardo t \b Greg Smith
Gil Hernandez O
PASSED AND APPROVED on this the I D day of , 2020.
ATTEST:
Re•ecca Huerta J e cComb
City Secretary M y r
032025
CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: February 18, 2020 Legistar Number: 20-0208
Agenda Item:
Ordinance authorizing a Type B Affordable Housing agreement with TG 110 Village at
Greenwood GP, LLC in the amount of $1,250,000 for a $12.7 million dollar development with
30 affordable housing rental units out of a total of 60 multi-family, mixed income units to be
paid over two years; appropriating funds in the amount of $625,000 from the Type B Affordable
Housing Fund; and amending the budget.
Amount Required: (Amount to be Certified) $ 625,000
Fund Name Fund Account No. Activity No. Amount
Number
Type B Fund 1145 251850 625,000.00
Total
❑ Certification Not Required am
abtit?iL--
Director of Financial Services
Date: 9..1(1 ( ;_e yb