Loading...
HomeMy WebLinkAboutResolution 002-16RECORD OF RESOLUTIONS Dayton Legal Blank, Inc., Form No. 30045 Resolution No. 02-16 (Amended) Passed , 20 A RESOLUTIOF➢ SUPPORTING AN APPLICATION, FOR LOW - INCOME HOUSING TAX CREDITS (LIHTC) TO THE OHIO HOUSING FINANCE AGENCY (OHFA) FOR THE NEW CONSTRUCTION OF AVONDALE WOODS II WHEREAS, Avondale Woods If will be developed by National Church Residences to provide 100 units of new elderly housing units at 5215 Avery Road, Dublin, Ohio; and WHEREAS, National Church Residences was established in 1961 and has over 50 years of experience in managing properties in more than 330 housing communities with more than 22,000 units in 28 states, including Puerto Rico, in their management portfolio, and WHEREAS, Avondale Woods II will be constructed, owned, and managed by National Church Residences; and WHEREAS, Avondale Woods II will serve low income elderly age 55+ and will provide affordable and market rate housing, and WHEREAS, National Church Residences plans to submit an application to the Ohio Housing Finance Agency for 2016 Low Income Housing Tax Credits; and bll\§HEREAS, Dublin City Council is in support of this new construction project as it will provide up to 100 apartment units to the 55+ population adjacent to the existing Avondale Woods I. WHEREAS, once complete, the multi - phased Avondale Woods will contain a total of 200 affordable and market rate housing units to the 55+ population. 7 NOW THEREFORE, BE IT RESOLVED by the Council of the City of Dublin, of the elected members concurring, that: Section 1. The Dublin City Council supports National Church Residences application for funding through the Ohio Housing Finance Agency 2016 application for Low Income Housing Tax Credits for the new construction of Avondale Woods 1I. Section 2. council hereby authorizes the City to enter into an Agreement with National Church Residences to provide finding of $5,000 in the form of a loan to be repaid within five years of the date of execution of the agreement as demonstrated support for Avondale Woods Phase II. Section 3. The Clerk of Council is directed to transmit copies of this resolution to National Church Residences. Section 4. This Resolution shall take effect and be in force upon passage in accordance with Section 4.04(x) of the Revised Charter. Pa d this ^ - 1 day of 201-6. r Oayor — Pr idi Officer ATTEST: Clerk of Council Tot,, Members of Dublin City Council J, From:, Dana L. McDaniel, City Mana Date*. January 21, 2016 Nke: Resolution 02-16 - Supporting an Application for Low-Income Housing Tax Credits to the Ohio Housing Finance Agency for the New Construction of Avondale Woods II, [ 1*0 -Tm I i1ol I NCR is currently preparing their application for Low-Income Housing Tax Credits (LIHTC) to the Ohio Housing Finance Agency (OHFA) for construction of the second phase of Avondale Woods, which includes the remaining 100 units. In order to increase the likelihood of this project successfully obtaining these tax credits, NCR has requested the following from the City: • A resolution supporting the application • A loan in the amount of $5,000 to be paid back in five years If Council is amenable to the lo staff with work with NCR and the Law Director to develop an 2greement, which would memorialize the terms of this loan. Memo re. Res 02-16 - Supporting an application for Low-Income Housing Tax Credits to the is Housing Finance Agency for the new construction of Avondale Woods II 3anuary 21, 2016 Page 2 of 2 Representatives from NCR have indicated that if the application were to be approved and the tax credits needed to construct Phase II were obtained I there likely would be another request made to the City to financially contribute to the project. However, the amount is unknown at this time. NCR representatives will make a brief presentation to City Council and be prepared to respond to any questions regarding the project at the January 25, 2016 meeting. 01 Staff recommends approval of Resolution 02-16 at the January 25, 2016 meeting of City Council. If City Council is supportive of the $5,000 loan,. Resolution 02-16 will be modified to reflect such. However, staff recommends that any funding beyond the $5,000 loan, if requested by NCR at a future point in time, be discussed further in the context of other City funding priorities.