Travis County Commssioners Court
June 8, 2004
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Housing Finance Corporation
Let's call to order the Travis County housing finance corporation. First item is is consider and take appropriation on, a, a budget transfer, and b, payments to deloitte and touch, llp, for audit of come poepb oepbt unit corporations.
>> good afternoon, harvey Davis, manager for the corporation, and I'm asking board approval to transfer $105.47 from allocated reserve to the line item of paying the audit fees, professional fees, audit, and that is so that we received our bill from deloitte & touche from all the corporations which is $6,000, and for the Travis County housing finance korgs, its portion based on its ending fund balance at September 30, 2003, it's portion is $45,851.42.
>> this is something we've done annually?
>> yes, sir, we've done this for many years which we have allocated the audit fees in this same manner.
>> move approval of 1 a budget transfer and 1 b payment to deloitte & touche. Any discussion? All in favor? That passes by unanimous vote. With director Davis away. Number 2, conduct a public hearing harding issuance of the corporation's variable rate multi-family housing revenue bonds. Rowsmount at old manor apartment series 2004.
>> move the public hearing be open.
>> second.
>> all in favor? That passes by unanimous vote. Should we take [indiscernible].
>> yes, sir, I would just like to state that notices of this public hearing was published in the Austin american-statesman as required by the internal revenue according to the nature of the [indiscernible]. Craig [inaudible] is here. I think he has a few things to tell you about the project.
>> okay. Good afternoon.
>> good afternoon. Thank you for the opportunity to present this project to you. Southwest housing proposes to develop a 250-unit apartment project on highway 290 about a mile and a half east of 183, so just beyond the walnut creek business park. [indiscernible] has a great deal of experience with affordable housing throughout the state of Texas with over 10,000 units in its portfolio and management. In this case there will be a non-profit community housing development organization arbgting as the general partner so we will partner with a group called h.s.i. Housing group, incorporated. This is a 24-acre site, 250 units, so low density. A little over 10 unit per acre project. They will have one, two, and three bedroom units. All of the units will be restricted to people earning 50 to 60% of the median income. One-half for both. Our rents will range from $605 for one bedroom to $833 for a three bedroom. Which are below the allowable tax credit rents for those units. For example, at the upper end, three bedroom unit could rent for as much as 1018 and we're at 833. And the low end -- the amenities include a number of things. We will be complying with the city of Austin's green builder program so there will be energy star rated buildings. The buildings themselves will have nine-foot ceilings, all bedrooms and living will have ceiling tpafpblts all appliances will be furnished including microwave vent hood combination units. Covered parking. Ceramic tile in the entry, kitchen and bath. We have a community activity center which is something that is open to the residents at no cost for after-school programs and adult programs which i'll get into later. Permanent fencing with access gates, pool and playscapes. What the present here before you is the current site plan which is going to be presented to the city of Austin -- actually it was presented today. It will be presented for formal review Thursday. This is a plan that respects fully the txdot's desired expansion of highway 290. That's the toll road expansion including the addition of frontage roads. All of our improvements are behind the line of what future right-of-way would be in anticipation that may happen. The projected schedule from txdot is they would like to see it start in 2007. The driveway alignment will allow the future connection to the frontage road and the reasonable design as well. I've met with various folks about this project. L.b.j. And neighborhood association, they are the association that encompasses this project. In both those cases we had favorable response and acceptance from neighborhood groups. Mr. Williams' group may actually issue a letter of support for us to take to the state. I'm going give them a tour of some of the other properties first before they are going to issue that letter. I've talked with dan robertson of a.i.s.d. And he is fully on board and I have a letter of support I will present to you. The city of Austin neighborhood housing is behind it. I've got letters from senator barrientos and senator dukes that I can leave with you showing their support. The market shows there's demand of over 2400 units and currently with one project that is in the rent-up stage and including these units there would be an unstableized inventory of about 579, so there's ample demand for this product in the area. There are only three rent restricted properties within three miles of the property. Within all of the market area, that is, for this subject community. Two being tax credit, one is huntington meadows on decker lane, the former decker lane -- I want to say decker gardens is what it was called over by the Travis County expo center. Thank you. It's a project that has 75% tax credit units and 25% phafrpblgt its current occupancy is around 76%. It's had trouble from the beginning in terms of its location and in terms of having market rate units in the project. It's just -- it's more of a matter of its distance from community services and it being virtually on the fringe of existing development. There's another project called forest park which is on park project. 85% occupancy. A good part of it is under going renovation so all of it is not available at this time. The other property at walnut creek, it's a complete section 8 development and it's 100% occupied. The market -- overall, all projects in the area is expected to reach 94.6% by tend of 2004 and by the end of 200593.5%. So the market is definitely firming up. Occupancies and rates are starting to move forward. And there's very little new product in the pipeline to build throughout Austin and particularly in this northeast quadrant. As a component of applying to the city of Austin for their smart housing program review and as a component of stepbing the water and sewer lines to the property, we had to request full annexation by the city of Austin. And we assume that they may fast track that annexation and it may be annexed by the end of August of this year into the city. Currently only a small portion along highway 290 has been annexed by a strip annexation that happened in the '80s. We expect to go to the text department of housing June 28 for approval of the 4% tax credit and the financing is expected to close on June the -- I'm sorry, July the 27th. I would like to pass out these letters of support and also there's a map attached that shows the other apartment projects in the area as well as the new tax credit properties are highlighted in different colors so you can see their location. I'm open to any questions.
>> if we got calls about this particular project, is it applicable to say head on up to Pflugerville and go take a look at the rosemount property up there? Is it going to be pretty much the same in terms of the quality that's being built into the project?
>> it will be very comparable. In fact, --
>> yeah, just pop it. The whole thing comes off.
>> I brought a couple of exhibits. This is what the clubhouse will look like. A little different than the Pflugerville, but same focus on detail and quality built into the project. And then the buildings will be a combination of two and three stories, some being all three, some having the two-story wings on the end which is comparable to Pflugerville. A little different, slightly different architecture, but basically the same style.
>> for anybody who has not been up there, let me assure you that the grounds are impeccable, the place is beautiful, wonderful landscaping. The pool, the computer room, the activity center, outdoor equipment, covered -- it's an amazing property, and this is exactly the kind of thing that when people say affordable housing that we talk about quality built in. I look forward to working with Commissioner Davis because we had an exceptional experience in precinct 2 up in Pflugerville.
>> thank you.
>> I show similar concerns and [indiscernible] because the last thing we want is a repetition of not -- reputation of not doing a very imbalanced housing initiative in Travis County. And of course there has been some in the past that have been [indiscernible] and we definitely aren't heading in that direction. And i've been basically assured that this is quality housing. And of course I'm in part of this and I have no objections to the direction we're heading in in this. And of course this is some of the reason I asked to talk with the neighborhood groups and aisd and the surrounding community and demonstrate to them what we are doing here and what he's attempting to do by bringing such a quality housing to the area. So again, I'm pretty much sold on the idea we can do a good job and wish all the success in the world as far as getting the thing through. So with that I would like to maybe -- if any other comments, maybe other members of the court that want to have some things to say.
>> do you move approval?
>> definitely, for sure.
>> second.
>> Commissioner Daugherty.
>> frank, what consideration was given in this location given that it's so close to the landfill? And boy, we have certainly had our fill of complaints with landfill issues. What was your consideration for that? I mean this is --
>> we looked at it from two perspectives. One from the visual impact while you are on property. And given the topographic layout of this land, even that the predominant orientation for residents is east and west and given the relative difference in topping on Friday, when you are on site, you really don't even know there's a landfill there. More importantly we looked at the geotechnical aspect and looked at could there be any chance of any fallout from that landfill coming down through the property. And we feel very sure that there is not. So from an environmental point of view, we feel comfortable with the location.
>> well, the odor is the deal. You might be able to be on this site and not see it or not know that it's over there, but, you know, odor has no eyes.
>> that's right.
>> so I mean -- I mean given -- I guess I'm a little surprised that there seems to be as many projects under construction off of springdale road and around those landfills because you would think with all the people that we have over here, I mean that is absolutely an area that no one would want to live and yet we're fixing to put perhaps 250 families over there in that immediate area. I would just hope that everybody over there would know that you might not be able to see something over there, but with the right kind of wind and on certain days that the odor is probably some consequence. F.y.i.
>> thank you.
>> waste management, b.f.i., Travis County landfill.
>> yes, we're aware.
>> and judge, I'm glad Commissioner brought that question up because when I talked to [indiscernible] one of the first things I told him was the position and location of those landfills. And of course he said that he would address it. Definitely talk to the neighborhoods that's been adjacent to that. So that's why trek english's name came up, to let them know exactly where they are if they are going to be downwind, all of the other things that the landfill poses around that area could they be addressed. So he is definitely aware of the situation and he did, tkpweus, follow up on -- I guess, follow up on that particular conversation and investigating that. So there's nothing new as far as the same person [indiscernible] I did the same identical thing.
>> your decision is to proceed with the project despite the landfill.
>> yes, sir.
>> judge, I was going say this is just -- we were going to schedule an item next week to approve the financing.
>> move the public hearing be closed.
>> hold up. Would anyone like to give testimony during this public hearing? So you'll have this back on the agenda --
>> next week is the plan, yes, sir.
>> motion to close it.
>> second.
>> all in favor? That passes by unanimous vote. Thank you very much.
>> motion to adjourn.
>> all in favor? That p ses by unanimous vote.
Last Modified: Wednesday, June 9, 2004 7:25 AM