Title
Consider a resolution authorizing the Mayor to execute a Development Agreement with Cornerstone Associates, LLC regarding an affordable senior multi-family housing development located at 1001 University Boulevard.
Body
This development agreement with Cornerstone Associates, LLC states that the City approves their application for low-income housing tax credits issued by the Texas Department of Housing and Community Affairs, with the stipulation that Cornerstone Associates, LLC agrees not to pursue or make application for any ad valorem tax exemptions or abatements for the project.