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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 10/13/2020
District D
Item Creation Date: 9/11/2020
HCD20-132 Gala at MacGregor Amendment
Agenda Item#: 9.
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| | | | | | | | Summary:
ORDINANCE approving and authorizing amendment to Loan Agreement between City of Houston and GALA AT MACGREGOR, LP. Approved pursuant to Ordinance No. 2020-326, and related loan documents - DISTRICT D - EVANS-SHABAZZ |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) requests Council approval of an Ordinance authorizing an amendment to the loan agreement and related loan documents approved pursuant to Ordinance No. 2020-326 (“Loan Agreement”) between the City of Houston and Gala at MacGregor, LP (“Borrower”) to partially finance the new construction of Gala at MacGregor with Hurricane Harvey Community Development Block Grant Disaster Recovery (CDBG-DR17) funds. No new funds are being provided by the City of Houston.
On April 15, 2020, Council approved Ordinance 2020-326 authorizing a Loan Agreement not to exceed $9,400,000 ("City of Houston Loan") funded from CDBG-DR17 program funds to Borrower for the purpose of financing a portion of the costs for the acquisition and new construction of an affordable housing community for seniors located in the vicinity of 102 Carson Ct, Houston, Texas.
HCDD desires to amend the Loan Agreement and related loan documents, as applicable, to include certain requirements for the recordation of the re-plat of the property, modify the description of the permanent Senior Loan (as defined in the Loan Agreement) and other minor corrections, which requires Council approval. All other terms and conditions the Loan Agreement and related documents, including the City of Houston Loan and Senior Loan amounts, remain unchanged.
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Sources:
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Uses:
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LIHTC Equity (CITI)
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$13,428,431.00
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Hard Cost
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$15,928,065.00
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City of Houston Request
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$9,400,000.00
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Soft Cost
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$4,703,112.00
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Conventional Loan (CitiBank)
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$3,766,000.00
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Acquisition Cost
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$4,395,598.00
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In-Kind Equity/ Deferred Developer Fee
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Developer Fee
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$1,138,656.00
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Reserves
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$429,000.00
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Total Source of Funds:
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$26,594,431.00
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Total Project Cost:
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$26,594,431.00
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Tom McCasland, Director
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| | | | | | | | Prior Council Action:
04/15/2020, (O) 2020-326 |
| | | | | | | | Contact Information:
Roxanne Lawson
Phone: (832) 394-6307 |
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