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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 11/30/2021
District B
Item Creation Date: 4/28/2021
HCD21-36 Robins Landing, LLC.
Agenda Item#: 18.
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| | | | | | | | Summary:
ORDINANCE allocating funds to Loan Agreement ("Loan Agreement") between City of Houston and HOUSTON HABITAT FOR HUMANITY, INC, joined by ROBINS LANDING, LLC, a Wholly Owned Subsidiary of Houston Habitat For Humanity, Inc, to provide a loan of funds to partially finance the new construction of Robins Landing, a 127-acre mixed-use, mixed-income master planned community, including a 468-unit single-family affordable housing development, located on Tidwell Road between Mesa Drive to the west and C E King Parkway to the east, Houston, Harris County, Texas; approving and authorizing the Loan Agreement - DISTRICT B - JACKSON |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) recommends Council approval of an Ordinance authorizing the allocation of $4,793,228.00 in previously appropriated TIRZ Affordable Housing funds and previously appropriated TIRZ Bond funds, for a loan agreement between the City of Houston (City) and Robins Landing, LLC, a wholly owned subsidiary of Houston Habitat for Humanity. The loan will be used towards the infrastructure costs for the Robins Landing development.
Robins Landing is a 127-acre mixed-use, mixed-income master planned community on the northeast side of Houston. The development is located between Mesa Drive to the west and CE King Parkway to the east. The main access point is via Tidwell Road, which bisects the property.
Per the terms of the loan agreement, Robins Landing, LLC is required to allocate affordability restrictions to at least 400 out of the 468 single family homes in their master plan. If the loan terms are successfully met, the loan will be forgiven. The development will consist of a total of 468 single family homes, approximately 500 units of senior and multifamily homes, and approximately 20 acres of mixed-use development. The community will also include 12 acres of a central park that will preserve large groves of trees and trails. The first phase of the multi-phase development, comprising 260 homes, is expected to be constructed by the end of December 2023; the remaining phases are expected to be completed by 2026.
Robins Landing is the first project under the City’s large tract development initiative under the Affordable Home Development Program. The developer approached HCDD with a proposal and detailed plans, along with a request for gap financing for infrastructure. HCDD requests that $3,245,840.00 from TIRZ Bond funds and $1,547,388.00 from the annual TIRZ Affordable Housing funds be allocated to the loan agreement, for a total allocation not to exceed $4,793,228.00.
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Sources:
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Uses:
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City of Houston - HCDD
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$4,793,228.00
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Land Costs
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$2,089,823.00
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Lot Sales
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$18,686,908.49
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Infrastructure Costs
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$24,934,103.69
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Commercial Tract Sales
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$3,219,955.20
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Parks/Landscaping Costs
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$3,279,002.00
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Other Funds *
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$4,787,535.00
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Soft & Operating Costs
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$1,074,525.00
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Habitat International
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$1,500,000.00
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Loan Costs
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$1,610,173.00
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Total Sources of Funds:
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$32,987,626.69
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Total Uses
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$32,987,626.69
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*The project will be further funded using Corporate Cash funds and Loan proceeds from a revolving loan. The developer intends to apply for HPW DPC funds, without certainty of availability.
This item was reviewed by the Housing and Community Affairs Committee on April 20, 2021.
Fiscal Note:
Funding for this item is included in the FY2022 Adopted Budget. Therefore, no Fiscal Note is required as stated in the Financial Policies.
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Keith W. Bynam, Interim Director |
| | | | | | | | Prior Council Action:
12/04/2019 (O) 2019-0965
01/06/2021 (O) 2021-0012
05/05/2021 (O) 2021-0354
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| | | | | | | | Amount and Source of Funding:
$3,245,840.00 - Uptown TIRZ Series 2021 Affordable Housing Fund (2430) - Previously Appropriated
$1,547,388.00 - TIRZ Affordable Housing Fund (2409) - Previously Appropriated |
| | | | | | | | Contact Information:
Roxanne Lawson, Division Manager
Housing and Community Development Department
Phone: (832) 394-6307 |
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