Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Determining No Objection to the Application of the "Lakes of Eldorado" to the Texas Department of Housing and Community Affairs (TDHCA), for 4% Tax Credits for the Rehabilitation of Multi-Family Units Within the Project
Summary
MEETING DATE: June 17, 2014
DEPARTMENT: Housing & Community Development Department
CONTACT: Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
* Approve Resolution
ITEM SUMMARY:
* Norstar Lakes of El Dorado, LLC has applied to TDHCA for 4% tax credits for the rehabilitation of 220 existing multi-family units that are located at 1400 Eldorado Parkway, named the Lakes of Eldorado, in the City of McKinney, Collin County, Texas.
* Norstar Lakes of El Dorado, LLC has submitted an application to the Texas Department of Housing and Community Affairs (TDHCA) for 2014 4% Housing Tax Credits for the rehabilitation of the Lakes of Eldorado.
* The project is a proposed rehabilitation of the existing garden style two-story, brick and hardy side wood frame buildings. No additional units will be added.
* Proposed Improvements include: full interior rehabilitation with replacement appliances, flooring, window coverings, faucets, sinks, light fixtures, hardware.
Exterior rehabilitation will include exterior painting, replacement of deteriorated carpentry, replacement of sign package, exterior lighting, HVAC replacement, irrigation and landscaping improvements, parking lot improvements, sidewalk improvements, drainage and erosion control, broiler replacements.
* Norstar Lakes of El Dorado, LLC is asking for a Resolution of No Objection from the City of McKinney, for the application submitted to TDHCA for 4% tax credits.
BACKGROUND INFORMATION:
* The Lakes of Eldorado is a 220 unit Garden Style apartment project located in McKinney, Texas on 10 acres at 1400 Eldorado ...
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