Title
Conduct a Public Hearing to Consider/Discuss/Act on a Resolution of the City Council of the City of McKinney, Texas, Regarding the Application of Maddox Square LLC (Saigebrook Development) to the Texas Department of Housing and Community Affairs (TDHCA), for 9% Tax Credits for the Construction of Maddox Square
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
MEETING DATE: January 16, 2018
DEPARTMENT: Housing & Community Development Department
CONTACT: Janay Tieken, Housing and Community Development
Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
* Approve one of the Resolutions
ITEM SUMMARY:
* Maddox Square LLC, will be applying to TDHCA for 9% tax credits for the construction of Maddox Square
* Maddox Square LLC, is requesting a Resolution of Support from the City Council in order to increase the chances of the development receiving funding from TDHCA
BACKGROUND INFORMATION:
* Saigebrook Development has been in existence since 2011. Maddox Square will be the fourth development in the Metroplex with this team.
* Please note that the developer's application shows 93 units and the staff evaluation show 84. The number of units and development mix is still TBD in order to comply with zoning requirements and required minimum unit sizes.
* Development site is located at the SE corner of Ridge Road and Virginia Parkway
* Zoning Analysis Attached. A "Hold Harmless Agreement" has been signed by the developer.
FINANCIAL SUMMARY:
*? The estimated total cost of the project is approximately $18.9 million. Tax credits make up approximately $13.6 million, a deferred developer fee of $537,569 with private debt making up the remaining $4.8 million
* The developer will be asking the City for a minimal contribution of $10 to assist with scoring of the application
* The developer is not asking for any additional contribution or fee waivers from the City.
BOARD OR COMMISSION RECOMMENDATION: N/A
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