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AGENDA ITEM REVIEW FORM |
4.E.
Regular City Council Meeting
- Meeting Date:
- 09/09/2020
- Department Head:
- Jenny Torres
- Submitted By:
- Jenny Torres, Economic Development Manager, Administration, Economic Development
Action Requested:
Motion
Resolution
Resolution
ITEM:
Discussion and possible action on any and all matters regarding Resolution No. 2139. A resolution of the Mayor and Council of the City of San Luis, Arizona, in support of the family development project "Valley View Apartments" financed through an award of low-income housing tax credits (LIHTC) from the Arizona Department of Housing. (Jenny Torres, Economic Development Manager)
SUMMARY:
Comité de Bien Estar, Inc. applied and received a $1,990,000.00 Low-Income Housing Tax Credit (LIHTC) allocation from the Arizona Department of Housing (ADOH) for the development of the Valley View Apartments. The family apartment complex will be located on the north side of 4th Avenue. The project will provide 100 apartment units for low-income families. A housing market study was conducted. The study determined that there is a need for low-income housing and that there are long wait times lasting up to two (2) years to lease an apartment unit. The $21 million investment will provide approximately $414,347.31 in permits and development fees. The Arizona Department of Housing reserves the tax credit allocation and sets conditions. One condition is that the San Luis City Council approve the funding of the project or provide evidence of an alternative source of permanent soft funding. Comité de Bien Estar, Inc. is requesting a financial commitment of $100,000.00. If the stipulation is not met by November 26th, ADOH will revoke the reservation of tax credit.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO ADOPT AND APPROVE RESOLUTION NO. 2139, AS PRESENTED.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- YES
- CITY/STATE/FEDERAL FUNDS:
- YES
- TOTAL:
- $100,000
- BUDGETED AMOUNT:
- N/A
- AVAILABLE AMOUNT TO TRANSFER:
- N/A
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- N/A
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
*** Fiscal impact pending to be updated.
Currently, evaluating alternatives to identify funds to cover the financial commitment of $100,000.00.
Currently, evaluating alternatives to identify funds to cover the financial commitment of $100,000.00.