HomeMy WebLinkAboutR25-681RESOLUTION R25-681
A RESOLUTION APPROVING THE EXERCISE OF POWER AND
OPERATION OF THE SUMMIT AT CENTRAL VILLAGE APARTMENTS
LOCATED AT 910 W. 28TH STREET BY TXCVA, LP, A HOUSING
FINANCE CORPORATION, WITHIN THE JURISDICTIONAL
BOUNDARIES OF THE CITY OF PLAINVIEW, TEXAS
WHEREAS, the City Council for the City of Plainview, Texas (the "City"), as a
home -rule municipality and pursuant to the constitution and laws of the State of Texas,
recognizes the role of the private sector in serving the public need for affordable housing
for its most economically disadvantaged residents; and
WHEREAS, the City finds that, prior to November 30, 2022, the multifamily
property known as the Summit at Central Village Apartments, located at 910 W. 28th
Street (the "Property"), was a Project -Based Section 8 multifamily residential property in
a state of disrepair, not meeting the highest standards of decent, safe and affordable
housing; and
WHEREAS, in its condition under prior ownership, and due to federally imposed
rent restrictions, the Property did not significantly contribute to the City tax rolls; and
WHEREAS, upon its acquisition of the Property, TXCVA, LP has invested in the
rehabilitation and improvement of Property; and
WHEREAS, the City Council of the City of Plainview, Texas finds that upon
acquisition of the Property by TXCVA, LP, the Property's ad valorem tax exemption under
Chapter 394 of the Texas Local Government Code has enabled rehabilitation of the
Property and improved living conditions for both its neighbors and residents; and
WHEREAS, the City Council of the City of Plainview, Texas finds that the public
benefit of the improvements to and continued operation of the Property are equal to or
greater than the value provided to the City by the Property's ad valorem taxes; and
WHEREAS, the continued operation of the Property by TXCVA, LP is in the best
interests of the City and its residents.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Plainview, Texas that:
1. The City approves the exercise of power, operation, and ownership of the
Property known as the Summit at Central Village Apartments, located at 910 W. 28th
Street, Plainview, Texas 79072 by TXCVA, LP; and
2. With respect only to the Property, the City approves TXCVA, LP's exercise
of powers granted to Housing Finance Corporations under Chapter 394 of the Texas
Resolution R25-681 Page 1 of 2
100
Local Government Code within the jurisdictional boundaries of the City for the purpose of
providing a multifamily property of eighty-four dwelling units with decent, safe, and
sanitary conditions at rates affordable to residents earning fifty percent or less than the
area median income, provided that such approval shall not be transferable or assignable
to any other entity or property.
PASSED AND APPROVED this 23rd day of September, 2Q?5
AT ST:
Ap. ww� xz�
Belinda Hinojosa, City tiabretary
Charles St4rne§/, Mayor
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Resolution R25-681
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