Title
Consider/Discuss/Act on a Resolution Authorizing the McKinney Housing Finance Corporation (MHFC) to Enter into Non-binding Negotiations for a Development Agreement with Sphinx Development Corporation to Serve in Co-Developer Role on the "Villas at Throckmorton" to be Located at 820 E. University Drive
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: October 17, 2017
DEPARTMENT: Housing & Community Development Department
CONTACT: Janay Tieken, Housing and Community Development
Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
* Act on a Resolution authorizing the McKinney Housing Finance Corporation (MHFC) to negotiate a development agreement with Sphinx Development Corporation (SDC) for the Villas at Throckmorton.
ITEM SUMMARY:
* Sphinx Development Corporation has requested that the McKinney Housing Finance Corporation (MHFC) serve in a co-developer role on the Throckmorton Villas project.
* The proposed resolution will only authorize the MHFC to negotiate a co-development agreement with Sphinx Development Corporation.
* James Plummer, Partner with Norton Rose Fulbright US LLP, who represents the MHFC, will negotiate the terms of the agreement.
* The negotiated development agreement will be brought back to the MHFC and ultimately to the City Council for approval.
BACKGROUND INFORMATION:
* On September 18, 2017 the City Council discussed the concept of MHFC entering into co-developer agreements with Low Income Housing Tax Credit (LIHTC) developers.
* The Council expressed support of the co-developer process, but also generally expressed support of a competitive selection process, through RFQs or RFPs, to select partners.
* The MHFC discussed the competitive selection process at their September 29th meeting and will be moving forward with such a process for the next housing tax credit funding cycle.
* At the September 29th meeting, the MHFC also voted to recommend to City Counci...
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