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Home My WebLink AboutRes 2015-10-123 Support for Palladium Anna Project (2).pdf CITY OF ANNA, TEXAS RESOLUTION NO. 2015-10-123 RESOLUTION REGARDING SUPPORT FOR THE PALLADIUM ANNA PROJECT WHEREAS Palladium Anna, Ltd. has proposed a development for affordable rental housing located on the east side of Highway 5 inside the Anna Town Square master planned community approximately 4,000 feet south of the intersection of White Street (FM 455) and Powell Parkway (SH 5), City of Anna, Collin County, Texas named Palladium Anna in the City of Anna, and further described in Exhibit 1 attached hereto ("Palladium Anna"); and WHEREAS, Palladium Anna, Ltd. has advised that it intends to submit an application to the Texas Department of Housing and Community Affairs (TDHCA) for 2016 Competitive 9% Housing Tax Credits for the Palladium Anna project (the "2016 TDHCA Application"). WHEREAS, the property on which the Palladium Anna project is proposed (the "Property") was zoned to allow for multi-family use in 2004; and WHEREAS, the owner of the Property has submitted a zoning application that would substantially increase the development standards for a multi-family project constructed on the Property; and WHEREAS, on January 27, 2015 and again on March 18, 2015, the City Council of the City of Anna, Texas (the "City Council") conducted public meetings to receive public comment on the proposed Palladium Anna project; and WHEREAS, the owner of the Anna Town Square master planned community, of which the Palladium Anna project will be a part, has pledged his support for the Palladium Anna project; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ANNA, TEXAS THAT: Section 1. The recitals set forth above are incorporated herein for all purposes as if set forth in full. Section 2. The City, acting through its governing body, hereby confirms that it supports the proposed Palladium Anna project for the 2016 TDHCA Application. Section 3. The City Secretary is hereby authorized, empowered, and directed to certify this resolution to the Texas Department of Housing and Community Affairs. PASSED this 27th day of October 2015. ATTEST: Carrie L. Smith, City SecretaC- R Crist, Mayor r6 x Pl Resolution 2015-10-123 2 Support for Anna Palladium Project r r r October 15,20315 Mayor Dike Cr st&City Council City of Anna 111 N.Powell Parkway P.D.Box 776 Anna,TX 75409 Dear Mayor Crist and City Council. We are corning to you today to formally ask for your support at the October 270,2015 City Council Meeting for our proposed 180 unit Palladium Anna apartment home community to be located in the Anna Town Square master planned development.When we started this process one year ago,we identified the City of Pinna as a vibrant,growing community and one that we wanted to become a part of and contribute to.After locating well planned land inside the Anna Town Square development,we started the process of working with the City to walk through the details surrounding our proposed community. Palladium Anna has been designed to very high standards and will offer resort style living in an affordable package. Our outdoor amenities include a beautiful resort style swimming pool,extensive open space that will create a parklike setting for residents that will feature walking trails,multiple picnic areas with barbeque grills,a playground and a sports court.Our indoor amenities will include a clubhouse that rivals any high egad clubhouse in the DFW area to include a business center,club room with event kitchen,and a high end style fitness center.. in addition to intentionality in design,we are asking the City of Anna to support Palladium USA as sponsors of this development.As discussed many times over the past year,we are not merchant builders who plan to build and sell this property. Instead,we plan to build and hold this property long terra and to manage it ourselves instead of hiring a third party that is only concerned about collecting the most rent.Because we plan to hold this property long term,we cannot afford to defer maintenance.A short terra perspective on maintenance would read to major financial problems down the road. Therefore,we hire a full maintenance team and will maintains the property to Class A standards for the life of the property.It is in our best interest to do so. We will use our own in-house management company called Clain'turn Management to manage this property.Third party management companies are solely focused on obtaining maximum rent and are often not focused on long terns maintenance costs or managing the resident profile.Our management company is focused on maintaining strict basing criteria and managing the social profile of our residents within the liners of the lama. For example,everyone living,on our property will be listed on the lease agreement.This is to ensure that we do not have any felons,violent criminals or sex offenders living at our property.We can legally discriminate on those criteria and we do by doing extensive background checks on all residents,In addition we live by a three strikes and you're out policy when it comes to community rules.Anyone who violates the terms of their lease by breaking the rules,will be given a lease violation, ince a resident obtains three lease violations,we legally can arra do evict.The long-terns viability of our development depends on a watchful management to make sure that the residents who live in Palladium Anna are people contributing positively and not negatively. We areA5ks0g_fp_r_t a h ng=s at this Clay Courrcif of—gtin Fir care need the su drt,of Count for us to be able to Mgve?forward with.paur furrdin . Second we as fcsr rove(of the Planned Qgvglo mer-Lt at we have worked through witfa the City t atdefines and cards the tquaf ty of altadiurri Arrn .Over the past year we have worked with fwv Gat.- ... OMNI '"111111111 the City through its process that has allowed opportunities for public input and we have worked through a Planned Development process that will guard the quality of our development and ensure that it is a beautiful community for years to come.it is our intention to add value to the Janna Town Square development and the City of Arena as a whsle and hope to be given the opportunity to prove that intention.We truly appreciate the fairness of the process that we have submitted to and hope to have earned your support.Thank you for your thoughtful consideration. Sincerely, Ryan Com4s 'dice President Palladium USA rcprgo p lla iurnusaxom 972-774-4435 Em B214Westchester Drive,Suite T0 Dallas,TX75225 INSEEMEEMEEM October 28, 3O15 Mayor Mike Cdst&City Council City ofAnna 111N. Powell Parkway _ P.0. Box 77G Anna,TX754O9 Dear Mayor Cr|atand City Council, I am thrilled that the City of Anna and North Texas has continued to experience increasing growth in . 2014 and 2015 after 4-5 years of the Great Recession.As economic growth continues, Anna Town � � Square ("ATS")will be a destination community and catalyst for quality development in Anna. The proposed addition of the Palladium community inside Anna Town Square is another excellent step | | inthe right direction. They are high quality builders that are owners, not merchant builders. They have extensive experience in building a variety of quality multifamily projects. They are not typical tax-credit builders who tend tohave short term views and goals. For Anna,they will incorporate tax credits toget a foothold to buy, build,and hold high quality long term assets in this emerging market. � . � Multifamily always feels best, looks best, and maintains its long-term quality appearance and repair b9 � being an integral part of a master plan like Anna Town Square as opposed to a floating location, � disjointed among various zoning categories that don't integrate smoothly to generate a symbiotic work, live,and play environment, Disjointed locations do not travel well through time as they deteriorate and attract echallenging tenant base, _ Palladium Anna banattractive, long-term project.itban<nte8ra\ partofATSfutoranlansforachupch, . school, commercial and nretirement center. Itwill embolden the critical mass ofATS and its rising tax � base. ' What's really great with Palladium is the matching of long-term quality property owners as we have been with ATS for over adecade. Stability begets stability, Quality projects give rise toother quality projects` \ All of this taken together makes this a destination area and enhances a soaring tax base. Cordially yours, kic�� maroKSkorbu0Q~ ` � , � 0 v Qj llJ � ,j a a, I ' -°ic Qj ,r +v c lii; ,y��°a✓��rrr l�'FY�ky,,�J��i�4d� �� In,Y",�y��N tl�,�". �� ,I, ��/ � �� fru �� O Qj F o /6 y yl( C � i Qj it ' i ✓�� '�� ?f � � � o N b ES 4z Q) ai tY Qj CL Gif fill MI ul if) G 16 UAM I'm Qj Qj -r3 INI T3 C3- w4 if"J j LIJ-LJ-: L I i W U ua U4 cn LU ra Y 44 Ln E c 0 0 k�n CL CL E o 'LL 10 yr v Ln o Qj tw c a,U a) ca)L C2. ?� t m- a) 0 u Ln nom, i w 'E E Qj Ln u Ln Ln cc Ln PitrLn a) E . 0 aj -0 'A LnC E E > :3 cu ce co LI- co a- U- U cL Z- , r INcx o 1l O ,�,,� 3 N ai i /iio/ fU(/i l ✓% O �/� ,�� N i' �//,�� Jia �� l--�I�Sj �� ,� � � 0�. +?�• � CLO v v b 0 3 c r-LI Q �- , w o c I 1r /i. 1Jl( 3 v p -0 m p m o � c x in Q =3 -0 r !,ru b hp IM ++ � c a p L — M v u •- ai mc -' �+ m `s b L s L c y Y y a� is v j °io uuuuuuu �y O m C p L C. m000000 N — m O O. V p 41 q� a) GR m Q an cl L C n O 1< c ca Y c > ea L 04. CUa w +� c c `c +� � � o � a n p O CO O m ac a) > w N a) 4 a uu'iomi� >(A oc O `� aJ 3 _ •L 4� 9Lap do u V Z ® CA W �i j LL co � z Lcr Z omowmmi� • • • s • • s • • o • • ® O c ff zs Qj PLO CL r � -f PALLADIUM ANNA Rent and Unit Mix Information 180 Units 1 Bedroom 2 Bedroom 3 Bedroom Our Market Rent $880 $950 $1,150 (52 units at this rate) 13 units 21 units 18 units Palladium Anna's market rent will be competitive with average market rent in the area, offering the ability for those already renting in the area an opportunity to upgrade their standard of living without adding to the cost of living. There will be no income restrictions for these rental rates. Affordable Units $637-765 $765-918 $883-1,059 (115 units at this rate) 32 units 65 units 18 units The majority of our units will be$100-$300 below area market rents allowing working class people who are priced out of the current rental market an option to upgrade their standard of living by paying reduced rent for a luxury class apartment with a luxury amenity package. These units are the exact same units as the market rate units.These units are for renters earning 50%-60%of the area median income. The amount of rent a family pays,slides up and down based on family size and income. For example,a married couple with a household size of 5 members, including three children,would be able to earn$44,000 a year and qualify under the tax credit program for reduced rent at the 60%level. 30%Units $382 $459 No 3 bdrms (13 units at this rate) 9 units 4 units For this segment About 7%of our units will be for people making 30%of the area median income. These units are discounted to be able to offer the exact same units as the market rate units, but are marketed towards seniors living on fixed incomes and veterans, not families with multiple children thus we do not have any 3 bedroom units in this income bracket. -I-- z o 1 l} a � uu V U °W Lj [Act r-T , it � i � I I i ~— � tJ ! � + r 4- 1 sf- l7 y� up "IS ORAIL! jTI ] 31 ��` � �.` i \� I �J^�I� � j �j�Ir 'G.,❑� � �`..,.�\�\�\,.... a � "�� '�-� r� r� {{oa �4 L a 1/71Kno solo?? -=� Elm I I,yH P A, NN V I U 10 December 30, 2015 Honorable Nathan Bryan Councilman City of Anna 111 N. Powell Parkway P.O. Box 776 Anna,TX 75409 Dear Councilman Bryan: Palladium Anna, Ltd. "Applicant" is making an application for 2016 9% Housing Tax Credits with the Texas Department of Housing and Community Affairs for the Palladium Anna apartment home community located on the east side of Highway 5 inside the Anna Town Square master planned community approximately 4,000 feet south of the intersection of White Street and Highway five, City of Anna, Collin County,Texas. This new construction is an apartment community on one site, and comprised of approximately 180 units of which approximately 128 will be for incomes at or below 60%of the area median income and the remaining will be market rate. There will be a public hearing to receive public comment on the proposed development. Information regarding the date, time, and location of that hearing will be disseminated at least 30 days prior to the hearing date on the Department's website (http://www.tdhca.state.tx.us/multifamily/communities.htm) for competitive HTC applications where the Department is the issuer. The Applicant, Palladium Anna, Ltd., and its representatives, located at 13455 Noel Road, Suite 400, Dallas, Dallas County,TX, 75240 look forward to working with you and discussing the proposed development in further detail. Should you have any questions regarding the above request please feel free to contact me at (972) 774- 4435 or via email at rcombs@palladiumusa.com. Sincerely, Ryan Combs Vice President Palladium USA 13455 Noel Road Suite, 400 Dallas,TX 75240 Phone: 972-774-4435 PALLF"Bq)PI USA @'9' rFRKATT.a7lNA- ..,MC. 1v 7 'i C1i.^e i f+:^�. r r J4.i(i f:3,Y C'+icze.l Roi,. TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS Greg Abbott G OVERNOR w11m·.tdhra.slnlt.L\.·,11s BOARD M E MBERS J. Paul Oxer, 0Jair Juan S. Muiioz, PhD, Via Chair Les lie Bingham-Es careiio T. Tolbert Chis um Tom H. Gan n J.B. Goodwin Notification of Allocation of Housing Tax Credits August 17, 2016 The Honorable Mike Crist Mayor of Anna P.O . Box 776 Anna, TX 75409 RE: Palladium Anna, TDHCA# 16178: _ Dear Mayor Crist: The Texas Department of Housing and Community Affairs' (the "Department") programs were created to provide decent, safe and sanitary housing opportunities for low and very low income Texans. The Department, under the Housing Tax Credit (HTC) Program, aids in building affordable housing through the issuance of tax credits used to fund new construction, rehabilitation, and reconstruction of multifamily residential developments. Investors in qualified affordable multifamily residential developments can use the tax credits as a reduction of federal income tax liability. The value associated with the tax credits allows residences to be leased to qualified families at below- market rate rents. The Governing Board of the Department approved an allocation of housing tax credits from the 2016 state credit ceiling for the following development. Palladium Anna NEQ of Highway 5 and 422 Anna, TX 75409 ---------- TDHCA Board Approval Date: July 28, 2016 If you have any questions regarding this correspondence, or the development, please contact Marni Holloway, Multifamily Finance Director, at 512 -475 -1676 or by email at marni.ho lloway@tdhca.state. tx. us. Sincerely, Marni Holloway Director, Multifami ly Finance 221 East 11th Street P.O. Box 13941 A u stin , Texas 787 11 -3941 (800) 525-0657 (512) 47 5-3800