AGENDA INFORMATION SHEET
DEPARTMENT: Department of Development Services
CM: Todd Hileman
DATE: May 9, 2017
SUBJECT
Title
Consider approval of a resolution of the City of Denton, Texas evidencing no objection to the proposed new construction of The Standard at MedPark Station, L.P.; and authorizing such other actions necessary or convenient to carry out this resolution; and providing for an effective date.
Body
BACKGROUND
At the City Council meeting on May 2, 2017, staff presented a request from the Denton Housing Authority (DHA), in partnership with a private developer, Ojala Holdings, for the Council to consider resolutions of no objection for two 4% tax credit housing developments. One of the developments (The Standard at MedPark Station) is proposed to be a 263 unit multi-family development consisting of one, two, and three bedrooms. The other (The Hudson at Medpark Station) is a 160 unit Senior Development consisting of one and two bedrooms. Both of these development projects have gone through the development review and planning and zoning process and have all approvals needed. Ojala plans to partner with the DHA on these developments, which means the developments would be exempt from property taxes.
In December of 2016, Ojala obtained an Encouragement Letter from the Department of Housing and Urban Development (HUD) to proceed with the developments. HUD is going to provide debt financing for the construction. If Ojala does not submit full application materials to them by May 17, 2017, Ojala will have to start the process over at an additional cost (upwards of $100,000). They are seeking the resolutions of non-opposition so that they can complete and submit their application to HUD.
DISCUSSION
Request for Information
At the May 2 meeting, the City Council asked a number of questions to Ojala and the DHA. As a follow-up from the questions asked on Tuesday night, staff sent an e-mail to Sherri McDade, the Executive Director of the DHA, on Thursday re...
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