On February 21, 2017, City Council approved Resolution No. 4752-02-2017 supporting the application of Mistletoe Station, LLC (Mistletoe Station) to the Texas Department of Housing and Community Affairs (TDHCA) for 2017 Competitive (9%) Housing Tax Credits for the development of the Mistletoe Station Apartments, a new 110-unit mixed income multifamily complex located at 1916 Mistletoe Boulevard in the City's Near Southside Medical District (M&C G-18952). The development is located north of Mistletoe Blvd, south of West Rosedale and east of Forest Park Blvd (see attached map).
On July 27, 2017, the development received an award of tax credits from TDHCA. On November 7, 2017, the Fort Worth Housing Finance Corporation (FWHFC) agreed to make Mistletoe Station a $750,000.00 subordinate loan for the development which will help alleviate in part the financing gap for the completion of onsite and offsite infrastructure improvements.
On December 12, 2017, City Council approved a waiver of certain development fees for the Mistletoe Station Apartments and the use of fee waivers as Home Investment Partnership Grant (HOME) match (M&C G-19193).
By separate M&C, City staff will request the City Council to consider approving the award to Mistletoe Station of $1,056,000.00 in City HOME Investment Partnerships Program (HOME) grant funds in the form of a subordinate loan for the development of the Mistletoe Station Apartments. The separate M&C will also request the City Council to consider vacating a portion of Beckham Place.
Mistletoe Station intends to execute two community facilities agreements (CFA) for the development, one for water and sewer infrastructure, and a second for storm water infrastructure. As part of the water and sewer CFA, Mistletoe Station will relocate a 24-inch sewer main. The Water Department has requested to participate in the water and sewer CFA to oversize the 24-inch sewer main to a 30-inch sewer main to provide increased capacity for future development in the area. The estimated costs of the City participation is $134,355.00 as shown on the table below:
|A. Construction||Developer Cost||City Cost||Total Cost|
|Construction Cost Sub-Total||$443,323.00 ||$103,350.00 ||$546,673.00|
|Contingency 25%||$ -||$25.837.50||$25,837.50|
|Total Construction||$443,323.00 ||$129,187.50||$572,510.50|
| || || || |
|B. Construction Fees:|
|1. Inspection Fee (2%)||$8,867.00||$2,583.75||$ -|
|2. Material Testing Fee (2%)||$8,867.00 ||$2,583.75||$ -|
|Construction Fees Sub-Total||$17,734.00 ||$5,167.50 ||$22,901.50|
| || || || |
|Total Project Cost||$461,057.00||$134,355.00||$595,412.00|
The reimbursement of the City participation, excluding inspection and material testing fees, is not a lump-sum amount and may be less than the stated amount depending upon the actual quantities and unit prices from the Notice of Final Completion Package, commonly referred to as the green sheet package
The Southside/Medical District Tax Increment Financing (TIF) District has agreed to execute an agreement with Mistletoe Station for reimbursement of up to $2,600,000.00 for the infrastructure being constructed under the two CFAs. The sewer CFA will be publicly bid.
This development is zoned NS-T5 and located in COUNCIL DISTRICT 9.