Title
Consider/Discuss/Act on a Resolution Granting the Request by SDC Throckmorton Villas, L.P., for a Commitment of Funding by City of McKinney, to the Texas Department of Housing and Community Affairs (TDHCA), in the Amount of Nine Dollars ($9)
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: February 21, 2017
DEPARTMENT: Housing and Community Development
CONTACT: Janay Tieken
Housing and Community Development Manager
RECOMMENDED CITY COUNCIL ACTION: Approve Resolution
ITEM SUMMARY:
• The new development, Sphinx at Throckmorton Villas, consists of 124 units.
BACKGROUND INFORMATION:
• The Local Government Support is conditioned upon receipt of an award of credits by the TDHCA for the development.
• At the January 17, 2017 meeting, the City of McKinney approved a Resolution of Support to TDHCA for the Sphinx at Throckmorton development.
FINANCIAL SUMMARY:
• The developer is requesting Local Government Support (LGS), in the amount of nine dollars ($9), from the City of McKinney, in order to receive one (1) additional point on their 9% tax credit application.
BOARD OR COMMISSION RECOMMENDATION:
• N/A