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File #: 2740-2022    Version: 1
Type: Ordinance Status: Passed
File created: 9/30/2022 In control: Economic Development Committee
On agenda: 11/14/2022 Final action: 11/16/2022
Title: To authorize the Director of the Department of Development to enter into a Housing Development Agreement with GVX Park Apartments, LLC, to memorialize the affordable housing commitments contained therein; and to declare an emergency.
Explanation

1. BACKGROUND

Wagenbrenner Development (the “Original Developer”) plans to invest $200 million to construct the Grandview Crossing development that will be comprised of approximately 200,000 square feet of Class A office space, 900 apartment units, a 260 unit senior living facility, a 120 key hotel, and 29,000 square feet of retail space (the “Mixed-Use Project”).

The City and the Original Developer entered into an Economic Development Agreement on December 22, 2017 (the “EDA”), pursuant to Ordinance No. 2822-2017, outlining the plans and mutual commitments of the parties relating to the Mixed-Use Project, including a commitment by the Original Developer to reserve portions of the non-senior rental residential units in the Mixed-Use Project to Inclusive Housing as follows: at least 10% of the units shall be occupied by, and affordable to households at or below 80% AMI and an additional 10% of the units shall be occupied by, and affordable to households at or below 100% AMI, for a period of fifteen (15) years (the “Inclusive Housing Commitment”).

The Original Developer created GVX Park Apartments, LLC (the “Multi-Family Developer”) as a special purpose entity, which now owns a parcel of land that is included in the Mixed-Use Project, and is responsible for planning, financing, constructing, owning and operating apartment units on that parcel of land (the “Multi-Family Project”) that will contribute to the total number of apartment units in the Mixed-Use Project. The Multi-Family Developer has agreed to enter into an agreement with the City to memorialize its respective fulfillment of the Inclusive Housing commitment outlined in the EDA.

This Ordinance authorizes the Director of Development to enter into a Housing Development Agreement (the “Agreement”) with the Multi-Family Developer to memorialize its obligation to ensure that the Multi-Family Project satisfies these affordable housing requirements for a fifteen-year term for each phase, commenci...

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