Title
Consider a memorandum/resolution authorizing the Avanti Legacy Parkview Apartments transaction, including all documentation necessary to carry out the transaction.
Body
DATE: July 16, 2024
TO: Kent Cagle, City Manager
FROM: Holli Clements, City Attorney
SUBJECT: Authorization of Avanti Legacy Parkview Apartments transaction
BACKGROUND AND FINDINGS:
On March 5, 2024, the Killeen PFC passed a resolution inducing the Avanti Legacy Parkview Apartments transaction, including authorization of the execution of all documentation necessary to obtain financing for the transaction, authorizing filings and agreement with Texas Department of Housing and Community Affairs in connection with applications for low income housing tax credits, and authorizing the formation of any limited liability companies in connection with said transaction. The resolution constituted the PFC's preliminary commitment to proceed.
The proposed resolution would authorize the transaction, including authorizing the execution of all documentation to carry out the transaction, a proposed 9% low-income housing tax credit project, which may include condominium units. Additional details are included in the attached Board Memorandum.
THE ALTERNATIVES CONSIDERED:
If the board does not approve the Resolution, the 108-unit project will not be built.
Which alternative is recommended? Why?
Staff recommends approval of the attached Resolution authorizing the Avanti Legacy Parkview Apartments transaction, including the execution of all documentation necessary to carry out the transaction; authorizing the purchase of the land for the transaction (which may be a condominium) and the lease of such land for the transaction; and authorizing the acquisition of membership interest in Avanti Legacy Parkview, GP, LLC, and its admission as the general partner of Avanti Legacy Parkview, LP; and authorizing the financing for such transaction; and other matters in connection therewith.
CONFORMITY T...
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