2024-004 - Continuing Support of Javeline Partners Celebratin Paris Elderly Housing Development

Home Browse Search

RESOLUTION NO. 2024-004 A RESOLUTION OF THE CITY OF PARIS, TEXAS CONTINUING SUPPORT OF JAVELIN PARTNERS, LLC'S CELEBRATION PARIS ELDERLY HOUSING DEVELOPMENT IN LIGHT OF THE PROJECT'S CHANGE IN SCOPE AND TO A PROPERTY -TAX-EXEMPT STRUCTURE; AUTHORIZING THE CITY MANAGER, OR THEIR DESIGNEE, TO SIGN A LETTER ACKNOWLEDGING THE CITY'S CONTINUED SUPPORT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on February 14, 2022, City Council passed Resolution 2022-011 in support of J -H Paris Realty, LP's ("the Applicant") proposal for the new construction of a multi- family affordable elderly rental housing development to be located approximately at 4415 Lamar Avenue, in the City of Paris, Lamar County, Texas to be named Celebration Paris (the "Project"); and WHEREAS, in September 2022, the Texas Department of Housing and Community Affairs ("TDHCA") granted a Commitment Notice for the 2022 9% competitive tax credits for the Project; and WHEREAS, in September 2023 the Applicant notified the City that a reduction in the number of units and a change to the design of the Project would be necessary due to construction cost increases, labor shortages, interest rate increases and reduced tax credit equity pricing; and WHEREAS, in October 2023 the Applicant began negotiations with the Housing Authority of the City of Paris ("the PHA") to enter into the ownership structure, whereby a wholly-owned of affiliate of PHA will own the property so that it will qualify for property -tax -exemption; and WHEREAS, the Applicant now intends to partner with the PHA and enter into a Memorandum of Understanding ("MOU") regarding same; and WHEREAS, in November 2023 the Applicant requested the City sign a letter to TDHCA acknowledging the change in scope and partnership with the PHA for property tax -exemption; and WHEREAS, the City continues its support of the Project, as expressed in Resolution 2022-011, including the changes in Project scope and ownership structure; NOW, THEREFORE, THE COUNCIL OF THE CITY OF PARIS HEREBY RESOLVES: Section 1. That recitals contained in the preamble of this Resolution are incorporated by reference into the body of this Resolution as if fully set forth herein. Section 2. That the City re -affirms its support for the Project provided in Resolution 2022-011, subject to any conditions contained therein.