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Home My WebLink About~Master - Home Program Loan Documents for sales of Lot 27 in Baker Subdivision RESOLUTION NO. 24-277 RESOLUTION APPROVING HOME PROGRAM LOAN DOCUMENTS FOR THE SALE OF LOT 27 IN THE BAKER SUBDIVISION TO TOWNHOMES AT CREEKSIDE,LLLP (AFFILIATED WITH THE HATCH DEVELOPMENT GROUP) FOR DEVELOPMENT OF LOW-INCOME HOUSING TAX CREDIT (LIHTC)MULTI- FAMILY HOUSING UNITES FOR THE CITY OF AMES,IOWA WHEREAS, on February 28, 2023, City Council selected the Hatch Development Group as its partner to develop affordable multi-family rental housing on Lot 27 in the Baker Subdivision, 3216 Tripp Street (formerly known as 321 State Avenue). The City Council directed staff to prepare agreements to partner on a Low-Income Housing Tax Credit(LIHTC) application for this project and said application was successful awarded by the Iowa Finance Authority (IFA); and WHEREAS, the City has agreed to set aside up to $2.1 million of the City's HOME allocation to the developer (n/k/a Townhomes at Creekside, LLLP) of Baker Subdivision in the form of a loan provided that the Department of Housing and Urban Development (HUD) issues a Release of Funds to the City and provided that the developer is in compliance its Development Agreement, and all the amendments thereto, with the City; and WHEREAS, the City Council has considered the HOME Loan Documents and has determined that the form and content of said documents is approved, subject to the aforesaid contingencies; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the Home Loan Documents are hereby approved contingent upon the issuance of HUD's Release of Funds and the City Clerk is authorized to deliver said documents for execution to the City's Housing Coordinator upon receipt of the HUD approved Release of Funds. ADOPTED THIS 23rd day of May 2024. Renee Hall, City Clerk John A. Haila, Mayor Introduced by: Beatty-Hansen Seconded by: Gartin Voting aye: Beatty-Hansen, Corrieri, Gartin, Rollins Voting nay: None Absent: Betcher, Junck Resolution declared adopted and signed by the Mayor this 23rd day of May, 2024.