Explanation
BACKGROUND:
This legislation authorizes an amendment to Ordinance 3301-2022 to allow for reimbursement of project-related soft costs that have been incurred prior to the legislation passing and the creation of the purchase order for the grant agreement authorized under the ordinance approved by the City. The current language in the ordinance defines the costs as infrastructure work. Without amending the ordinance to correctly reflect the soft costs, the project would have a gap in funding that would delay its completion.
Triumph Apartments is located at the corner of Oak and 18th in the City’s Olde Towne East area. The development is mixed income, with six 60% AMI units, thirteen 80% AMI units and at least thirteen or more units affordable to 100% AMI with the units remaining affordable for fifteen years.
Units are spacious and modern - including stainless steel appliances, ample closets, granite counters, plank flooring and LED lighting throughout. All units are of the same finish regardless on rent or income level. The project also provides and encourages mix-used growth, including inclusion of over 2700 square feet of ground floor retail.
The amenity space includes a resident lounge, onsite fitness facility, and outdoor community courtyard. The project features onsite property management and maintenance spaces; special features include a valet trash service program and 109 general resident spaces within the enclosed garage, 17 additional individual rentable garages, and over 140 surface spaces.
Metropolitan Holdings, general partner of Olde Towne Investors LLC, is additionally pleased that it continues to be a pioneer in housing concepts, and is working toward a formal relationship with IMPACT Community Action. This relationship provides for formal referral and preferred placement of qualified households into the proposed affordable housing units. This ensures that those who need the housing the most also have immediate access to vacant uni...
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