RES 1501 02/10/2015 or
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RESOLUTION
NO. 1501
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CIBOLO, TEXAS
SUPPORTING A PROPOSED AFFORDABLE HOUSING COMMUNITY; PROVIDING
FINANCING AND PROVIDING AN EFFECTIVE DATE.
WHEREAS,the City benefits from the availability of affordable housing for its residents
of lower economic means;
WHEREAS, Borgfeld Housing, L.P. (to be formed) and its affiliates (the "Applicant")
propose to build an affordable housing development of 120 residential units of which 111 will be
housing tax credit units (the "Affordable Housing") in the City of Cibolo; and
WHEREAS, the Affordable Housing is expected to be located at the NW of W. Borgfeld
Road and Dobie Blvd and is expected to be named "Borgfeld Manor"; and
WHEREAS, the Applicant has submitted a pre-application (TDHCA No.15183) and
proposes to submit a final application for financing for the Affordable Housing, including 2015
9% Competitive Low Income Housing Tax Credits ("Tax Credits") from the Texas Department
of Housing and Community Affairs; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CIBOLO, TEXAS THAT:
SECTION ONE. The City Council of the City of Cibolo hereby confirms its support for
the development and construction of the Affordable Housing described above and that this
formal action has been taken to put on record the opinion expressed by the City on this date.
SECTION TWO. The City Council of the City of Cibolo hereby supports the
Applicant's application for Tax Credits from the Texas Department of Housing and Community
Affairs and supports an award of Tax Credits for the Affordable Housing pursuant to the 2015
Qualified Allocation Plan of the Texas Department of Housing and Community Affairs.
SECTION THREE. In accordance with 10 Texas Administrative Code §11.9(d)(2), the
City hereby commits to financing of the Affordable Housing in an amount equal to the
population of the City of Cibolo multiplied by a factor of 0.15, multiplied by the number of Low
Income Units in the Affordable Housing. Financing of up to $275,000 shall be in the form of
one or more of the following: an in-kind contribution such as a fee waiver; or reduction or other
form of contribution such as infrastructure or real property tax abatement or a permanent loan
with a term of at least 15 years, an amortization of at least 30 years, and an interest rate no
greater than 3% per annum or any other form of permanent financial participation by the City
acceptable to the Texas Department of Housing and Community Affairs to achieve the maximum
level of points.
SECTION FOUR. The City of Cibolo confirms to the Texas Department of Housing and
Community Affairs the City has not and shall not first receive the funds from the Applicant or
any related party.
SECTION FIVE. For and on behalf of the City Council, [ Name and Title ] is hereby
authorized, empowered, and directed to certify these resolutions to the Texas Department of
Housing and Community Affairs.
SECTION SIX. This Resolution shall become effective immediately upon its passage.
PASSED AND APPROVED this&I day of 4 Jkyk, 15 at a Regular Meeting of the
City Council of the City of Cibolo, Texas.
CITY OF CIBOLO
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By:
Lisa M. Jackso
Mayor
ATTEST:
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Peggy Cimics, TRMC
City Secretary