Title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Negotiate a Memorandum of Understanding with JPI Hardin Development, LLC for a Potential Public Facilities Corporation Partnership
Summary
COUNCIL GOAL: Financially Sound Government
4A: Provide funding and organizational framework to ensure continual economic improvements
MEETING DATE: August 2, 2022
DEPARTMENT: Housing and Community Development
CONTACT: Kim Flom, Assistant City Manager
Cristel Todd, Affordable Housing Administrator
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Resolution.
ITEM SUMMARY:
* City Council approved the request for Qualifications for future affordable housing development utilizing public private partnership on May 17, 2022
* The City issued a request for qualifications 22-35RFQ) seeking an experienced real estate developer (the "Co-Developer") to maximize the resources available for affordable housing purposes within the City of McKinney. This Request for
Qualifications (RFQ) was intended to identify one 4% tax credit co-development partnership and one Public Facility Corporation (PFC) partnership.
* The RFQ was issued on June 5, 2022.
o Advertised in McKinney Courier Gazette
o Posted on McKinney TV
o 383 matching eBid Supplier Notifications
o Of the 383 notifications, thirty-four (34) were Historically Underutilized Businesses (HUB)
* In response to all notices published, six (6) submissions were received on June 23, 2022.
* An evaluation team comprised of City Council, City staff and MHFC board members reviewed and ranked the submissions based on the following evaluation criteria listed within the RFQ:
Evaluation Factors
Points
Development Team
15
Development Experience
15
Project Specific Experience
15
Financing Experience
15
Financing Strategy
15
Financing Structure and Share of Development Fee and Cash Flow|1010|Financial Responsibility
10
References
10
* Based on the evaluation results, the City and MHFC has determined JPI Hardin Dev...
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