Apartment revamp

project likely to be tabled again

 

 

 

 

A resolution on the Wichita Falls City Council agenda for Tuesday is likely to be tabled, once again, to allow parties to gather more information.

 

 

 

 

 

 

 

 

 

 

 

 

 

A portion of the Highpoint Village Apartments located at 5500 Professional Drive is seen here. The complexes I and II are set for a substatial upgrade is state tax credits come through for developer Millenia, out of Ohio. (Photo: Contributed photo)

On April 4, the city received notice that the Millennia Housing Development Ltd. group, partnered with Nortex Housing Finance Corp., wanted to apply for Texas Department of Housing and Community Affairs non-competitive housing tax credits. The team has three projects in mind to heavily refurbish apartments along Professional Drive including Highpoint Village Apartments I and II, and Country Park Apartments.

Paired with Nortex, the project would qualify for tax-exempt status, meaning no additional tax revenue would come to taxing entities for decades. The benefit to the city would be attractive, affordable housing and possibly increased property value for surrounding areas. Without the tax credits and tax-exempt benefit, Millennia said the project would not happen. The group is set to invest up to $42.73 million in work at these apartment complexes.

The group sought a city position of “no objection,” for the application process to move forward. At the first presentation of the project, some city staff and councilors were hesitant since the offer means a loss of total tax revenue of $131,288.53 annually from these properties. The item was tabled at the first presentation, and again at a second council meeting. The city wanted to evaluate the possibility of a shorter lease term or payments in-lieu of taxes(PILOT) that would make up for the city’s lost revenue.

The Millennia group notified the city they were willing to consider a 40-year lease term, instead of the 99-year lease, and paying PILOT. The agreement was not finalized in time for the June 6 meeting, so the item is likely to be tabled a third time until the next council meeting, June 20.

The Wichita Falls City Council meeting Tuesday will consider three ordinances and 12 resolutions.

Items include:

  • An ordinance to amend a section of the code dealing with street medians.
  • An ordinance reopening a section of Travis Street north of Fifth near the MPEC.
  • An ordinance to rezone a section of land at 4005 Gossett from single-family residential to limited commercial.
  • A resolution to purchase and install a Dupron Low-Flow Headworks Screen from Vision Equipment for use at the wastewater treatment plant for $80,100.
  • A resolution to accept a bid of $481,737.80 fro JLT Contracting LLC for a section of pedestrian walkway improvement along Kemp Boulevard from Midwestern Parkway to Southwest Parkway.
  • A resolution approving expenditures of $91,750 from the WFEDC for partial cost of a comprehensive economic development strategy from Market Street Services.
  • A resolution approving expenditure of the WFEDC and amending the budget to include $497,500 for partial cost of additional parking at the MPEC.
  • A resolution approving an expenditure of $14,200 from the 4B tax board for additional costs associated with a fire suppression system for Half Pint III, LLC, for a business to be developed at 817 Ohio.
  • A resolution approving expenditure of $91,750 from the 4B tax board for partial costs of a comprehensive economic development strategy from Market Street Services.
  • A resolution approving a non-annexation agreement with Howmet Castings and Services guaranteeing immunity for five years beginning Jan. 1, 2017.
  • A resolution approving a non-annexation agreement with Vitro Architectural Glass Inc. (formerly PPG Industries), guaranteeing immunity for five years beginning Jan. 1, 2017.
  • A resolution approving a non-annexation agreement with 8600 Central Venture LLC, guaranteeing immunity for five years beginning Jan. 1, 2017.
  • A resolution of “no objection” from the city for a propose application from The Duke I TX TC, LP, to the Texas Department of Housing and Community Affairs for 2017 Housing Tax Credits for improvements at the Highpoint Village I Apartments, 5500 Professional Drive.
  • A resolution of “no objection” from the city for a propose application from The Duke II TX TC, LP, to the Texas Department of Housing and Community Affairs for 2017 Housing Tax Credits for improvements at the Highpoint Village II Apartments, 5500 Professional Drive.
  • A resolution of “no objection” from the city for a propose application from Archer Courts TX TC, LP, to the Texas Department of Housing and Community Affairs for 2017 Housing Tax Credits for improvements at the Country Park Apartments, 5282 Professional Drive.
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