AGENDA CAPTION:
Title
Receive a Staff presentation and hold a Public Hearing to receive comments for or against Resolution 2021-86R, providing no objection to the submission of an application for low income housing tax credits to the Texas Department of Housing and Community Affairs for the proposed Legacy Square Senior (55+) Multifamily Housing Project located at the corner of Redwood Road and South Old Bastrop Hwy; approving findings related to the application; imposing conditions for such non objection; approving an associated agreement under which the owner of the project will make an annual payment in lieu of taxes in the amount of $75,000 and increasing by $1,500 annually; authorizing the city manager, or his designee, to execute said agreement and to submit and execute documents related to the application; and declaring an effective date; and consider approval of Resolution 2021-86R.
Body
Meeting date: May 4, 2021
Department: Planning and Development Services Department
Amount & Source of Funding
Funds Required: n/a
Account Number: n/a
Funds Available: n/a
Account Name: n/a
Fiscal Note:
Prior Council Action: n/a
City Council Strategic Initiative:
N/A
Comprehensive Plan Element (s):
? Economic Development - Choose an item.
? Environment & Resource Protection - Choose an item.
? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
? Transportation - Choose an item.
? Core Services
? Not Applicable
Master Plan:
Vision San Marcos - A River Runs Through Us
Background Information:
The subject property is located at the northeast corner of Redwood Road and South Old Bastrop Highway. The applicant is proposing a 210-unit senior (55+) multifamily project comprised of single-story cottage style buildings and two larger interior corridor buildings. The project will provide all 210 units for those making 80% AMI or less. The project will provide a mix of one and two-bedroom op...
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