Title
Consider a resolution authorizing the Mayor to execute an amended Development Agreement with Pedcor Investments, LLC regarding the development of an affordable multifamily housing development known as the Shadow Ridge Apartments.
Body
The City Council adopted a resolution on November 22, 2016 authorizing the Mayor to sign a Development Agreement with Pedcor Investments, LLC regarding the creation of up to 256 units in the Shadow Ridge Apartments affordable multifamily housing complex. The developer has since determined that they would like to have the option of constructing an additional number of units and have therefore requested an amended Development Agreement. The agreement states that the developer agrees not to pursue or make any application for any ad valorem tax exemptions or abatements for the project. In addition, this amended agreement does not contain a total number of units. The number of units is limited to 20 units per acre by the MF-2 (Multifamily - medium density) zoning district.
The developer is considering the possibility of constructing as many as 316 units on the property, which is zoned for a maximum of 460 units (23 acres @ 20 units per acre). A total of 4 of the units will be affordable to renters earning 50% of the area median income, with the remaining units affordable to renters earning 60% of the area median income. The developer has a site development application currently under review in the Development Services Office. The property is zoned MF-2 (Multifamily - Medium Density), which permits apartment complexes like the one proposed.
Surrounding land uses are as follows:
North: auto service shop - outside city limits
East: agriculture - outside city limits
South: Valero corner store - zoned C-1 (General Commercial)
West: agriculture and Bluffs Landing Senior Village Apartments - zoned SF-R (Single Family - Rural) and PUD 73