HomeMy WebLinkAbout~Master - Selecting a Partner on a LIHTC Application and Development of the Site at 321 State Avenue RESOLUTION NO. 20-570
RESOLUTION SELECTING A PARTNER ON A LIHTC APPLICATION AND
DEVELOPMENT OF THE SITE AT 321 STATE AVENUE
WITH AFFORDABLE MULTI-FAMILY HOUSING AND
DIRECTING STAFF TO PREPARE AN AGREEMENT
FOR THE CITY OF AMES,IOWA
WHEREAS, City Council had provided direction at its July 28, 2020, meeting to staff on
preparing a Request for Proposals(RFP)for a LIHTC housing project located at 321 State Avenue;
and,
WHEREAS,the City described in the RFP an interest in receiving proposals that address the
following objectives: 1) family-based affordable housing, 2) development of 15-50 housing units,
3)compatible design elements with the surrounding residential homes,and 4)a highly competitive
project per the Iowa Finance Authority's (IFA) scoring system; and,
WHEREAS,the RFP described an evaluation ofproposals based upon developer experience
and capacity,project design,property management experience, and requested financial incentives;
and,
WHEREAS,the City received seven proposals and a staff evaluation committee assessed the
responsiveness of all seven proposals to the RFP in relationship to the objectives; and,
WHEREAS, initially, the committee determined that three of the seven proposals best met
the objectives for the project,and therefore,interviewed these three groups to review their proposals
in greater detail, and in addition, the City's Development Review Team completed an initial
assessment of the design features related to zoning, building, and fire codes; and,
WHEREAS, after reviewing the proposals, it became clear to City staff that a competitive
project will likely need to score 155 or more points in the LIHTC program to qualify for tax credit
incentives; and,
WHEREAS, this conclusion is based upon consultation with the developers and the past
year's project scoring where a score of 155 was needed to competitively receive the tax credits;and,
WHEREAS, it should be noted that there are a wide range of design varieties in terms of
layouts and the number of units that have been submitted in the seven proposals to generate a
competitive LIHTC score.
WHEREAS, the seven companies that submitted proposals were:
1. MVAH Partners
2. Prairie Fire Development Corporation
3. Newbury Living
4. Hatch Development
5. Sand Companies
6. The Commonwealth Companies
7. Excel Development
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that Prairie Fire Development Corporation is approved as a partner on the LIHTC application and
development of the site at 321 State Avenue with affordable multi-family housing and directing staff
to prepare an Agreement is hereby approved.
ADOPTED THIS 27`h day of October, 2020.
Diane R. Voss, City Clerk John A. Hai la, Mayor
Introduced by: Betcher
Seconded by: Martin
Voting aye: Beatty-Hansen, Betcher, Junck, Martin
Voting nay: Corrieri, Gartin Absent: None
Resolution declared adopted and signed by the Mayor this 27'day of October, 2020.