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I AM GOING TO CONVENE THE AUSTIN HOUSING FINANCE CORPORATION MEETING HERE IN THE CITY OF AUSTIN.WE HAVE A QUORUM OF THE BOARD OF DIRECTORS AND WE HAVE ONE, UH, UM, UH, ITEM OF, UH, OF, UH, CHANGES AND CORRECTION, WHICH I'M GOING TO READ INTO THE RECORD ITEM.
NUMBER ONE HAS THE MINUTES THAT WERE POSTED FOR GRIND 1720, SEPTEMBER 17.
WITH THAT SAID, YOU WANT TO TAKE US THROUGH OUR AGENDA THIS MORNING? YES.
I'M THE TREASURER OF THE AUSTIN HOUSING FINANCE CORPORATION.
UH, THANK YOU FOR RECOGNIZING THE LATE BACKUP ON ITEM NUMBER ONE.
THAT IS APPROVAL OF THE MINUTES FROM THE SEPTEMBER 17TH MEETING ITEM.
NUMBER TWO IS AN INDUCEMENT RESOLUTION THAT ALLOWS AUSTIN HOUSING FINANCE CORPORATION TO SUBMIT AN APPLICATION TO THE TEXAS BOND REVIEW BOARD FOR AN ALLOCATION OF PRIVATE ACTIVITY BONDS IN THE AMOUNT OF 37 MILLION FOR THE DEVELOPMENT OF THE REBECCA ALSO KNOWN AS THE TOWER.
THIS IS THE SECOND PHASE OF REDEVELOPMENT AT, OF RBJ AND ALLOWS AND FOLLOWS, EXCUSE ME, THE $50 MILLION PRIVATE ACTIVITY BOND ALLOCATION FOR THE LADY BIRD, WHICH WAS ALSO KNOWN AS THE WRAP, WHICH WAS ISSUED IN 2017.
I OFFER BOTH OF THESE ITEMS ON CONSENT.
IS THERE A MOTION TO APPROVE THE CONSENT AGENDA, A MAYOR PRO TEM OR YOUR GARAGE THAT MAKES THAT MOTION A DIRECTOR, UH, RENT 30 SECONDS THAT, UH, IS THERE ANY DISCUSSION ON THE CONSENT AGENDA THAT'S MEMBER AT 30? YEAH.
YES, ROSIE THAT'S THAT MONEY IS GOING TO GO FOR A REHAB IN THE TOWN.
AND HOW MANY UNITS DO WE HAVE THERE? RESONANTLY UM, I'M LOOKING THROUGH MY BACKUP.
UH, I'VE GOT COMMUNITY DEVELOPMENT MANAGER, JAMIE VAN ON THE PHONE AND HE MAY ALSO HAVE THAT INFORMATION READILY AVAILABLE.
I JUST WANT TO FIND OUT, BECAUSE I ALWAYS THOUGHT THAT THEY HAD ABOUT 250 CLOSE TO 250, OR THEY REALIZED THAT THEY HAD LESS THAN YEAH.
THIS IS JAMIE WITH THE, UM, HOUSING PLANNING DEPARTMENT.
I'M UM, I HONESTLY CAN'T TELL YOU EXACTLY HOW MANY UNITS THEY HAVE RIGHT NOW.
I KNOW THAT THEY WILL HAVE UP TO 277 UNITS IN THE NEW DEVELOPMENT.
UM, AND, UH, JUST LOOKING AT THE PICTURES, IT'S, IT'S GOING TO BE, UH, QUITE AN IMPRESSIVE REHABILITATION TO, UH, UPGRADE, TO TURN, UH, DESIGN AND CONSTRUCTION STANDARDS.
AND THOSE, UH, UNITS THAT ARE DOESN'T KNOW THAT FOR MARKET RATE ARE, THEY'RE GOING TO BE THE ONES THAT ARE GOING TO BE IN THE PENTHOUSE UP THERE ON TOP, OR DO YOU, DO YOU KNOW EXACTLY WHAT THEY HAVE PLANNED FOR THAT? NORMALLY OUR AFFORDABLE UNITS ARE, WHAT IS WE CALL IT? UH, SO IT WOULD BE WHATEVER'S AVAILABLE, UH, AS LONG AS THEY CAN HIT THE NUMBER OF UNITS THAT THEY CAN DEDICATE TO US.
UH, SO IT COULD BE THE FIRST FLOOR OR THE TOP FLOOR.
UM, I BELIEVE THE DEVELOPER I'D BE ABLE TO SAY WHETHER OR NOT THEY RESERVED CERTAIN UNITS FOR CERTAIN LEVELS OF AFFORDABILITY.
CAUSE I, I I'VE BEEN UP THERE TO THE TOP AND IT HAS A BEAUTIFUL YEAR OF ALL OVER THE PLACE AND I JUST DON'T WANT TO SEE IT WHERE IT JUST NOTHING, BUT A LOT OF WEALTHY PEOPLE ARE JUST LIVING UP THERE ON TOP IN THE MARKET RATE AREA AND THE REST OF THE PEOPLE.
SO I WOULD, I WOULD ENCOURAGE THAT THEY DO, YOU SCATTERED THOSE UNITS AROUND, EXPERT'S GOING TO BE A, IF WE'RE GOING TO BE FINANCING PART OF THAT.
REMEMBER WE WILL ASK THE DEVELOPER TO PREPARE A SUMMARY OF WHAT'S HAPPENED ALREADY AT THE SITE AND WHAT'S ANTICIPATED FOR THIS NEXT PHASE.
AND WE'LL SEND THAT OUT TO MARIN COUNCIL.
I'LL JUST GO AHEAD AND ASK THE QUESTION TO KEEP ON MEETING ME.
MY COLLEAGUE RAISES A GOOD POINT, UM, DIRECTOR.
DO YOU, IS THERE ANYTHING WITHIN, WITHIN OUR CURRENT AGREEMENT THAT WOULD REQUIRE THE DEVELOPER TO MAKE SURE THAT THE HOUSING IS MIXED WITH THE BEST VIEW OR ALSO AMONG THE AFFORDABLE? I KNOW YOU SAID, I KNOW YOU SAID YOU WOULD ASK THE DEVELOPER FOR AN UPDATE, BUT THAT DOESN'T, THAT MAY NOT NECESSARILY GUIDE, UM, GUIDE THAT PROCESS AND THE WAY THAT, THAT I THINK, UM, KIND OF COUNCIL MEMBER COMMENTS WOULD SUGGEST CERTAINLY, UM, WE CAN LOOK AT THAT.
I'M NOT SURE THIS PARTICULAR ITEM IS FOR THE INDUCEMENT RESOLUTION OF THE PRIVATE ACTIVITY
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BONDS.AND SO IT'S, IT'S NOT CITY OF AUSTIN OR AUSTIN HOUSING, FINANCE CORPORATION DOLLARS.
AND SO WE CAN LOOK AT, UM, HOW THAT MAY PLAY OUT AS PART OF WHAT OUR AGREEMENT, IF WE'RE DOING ANY GAP FINANCING FOR THIS PARTICULAR DEVELOPMENT.
UM, IT'S BUT IT'S A GOOD QUESTION.
AND I'LL ADDRESS IT WITH STAFF.
THEY DO NEED ARE THEY DO NEED OUR APPROVAL TO BE ABLE TO SECURE PRACTICALITY BONDS THOUGH.
SO WE DO HAVE, I MEAN, THEY, BUT FOR THE COUNCIL'S APPROVAL, THEY WOULD BE LIMITED IN THEIR ABILITY TO SEE LIMITED TO NOT AT ALL AND THEIR ABILITY TO SEE CREDIT ACTIVITY BOX.
UM, I GUESS I WOULD INVITE MY COLLEAGUES TO MAYBE MAKE THAT AS, UM, SOME LEVEL OF DIRECTION AND AT LEAST AS, AS I'M INCLINED TO DO SO, AT LEAST A STRONG ENCOURAGEMENT, UM, MAYBE SOME ADDING SOME DIRECTION TO STAFF THAT THEY CAN BE TO CONVEY TO THE DEVELOPER.
UM, OUR STRONG INTEREST IN SEEING THAT SOME OF THOSE UNITS ARE AT THE TOP OF THE BEST VIEWS, UM, INCLUDE SOME AFFORDABLE UNITS.
UM, I WOULD JUST NOTE THAT, UH, THE UNITS DEDICATED IN BOTH THE TOWER AND THE WRAP OR THE REBECCA AND THE LABOR AS THEIR TERM, UM, MATCH UP THAT 60% MEDIAN FAMILY INCOME.
UM, SO THERE IT'S A MIXTURE OF 30%, 50% AND 60% MARKET RATE DEVELOPMENT IS, UH, UM, OUTSIDE OF THESE TWO, UH, CONSTRUCTIONS THAT ALL IN FACT, JAMIE, ALL OF THE UNITS THAT ARE SCATTERED THROUGHOUT THE, THE TALL TOWER ARE CONSIDERED AFFORDABLE AND RESTRICTIVE.
UH, THERE'S BEEN A MOTION AND A SECOND TO APPROVE THE CONSENT AGENDA HERE AT THE CORPORATION MEETING.
LET'S TAKE A VOTE THOSE IN FAVOR.
THOSE OPPOSED IT'S UNANIMOUS ON THE DIASEND CONSENT AGENDA PASSES ROSIE, IS THAT ALL WE HAVE COUNCIL MEMBER COSARA IS NOT ON THE SCREEN FOR, COULD WE CONFIRM IF HE, OH, THERE HE IS.
ANONYMOUS ALL THE DIRECTORS AND THAT WAS ALL OF OUR BUSINESS.
SO WE'RE GOING TO ADJOURN THE, UH, ALSO HOUSING FINANCE CORPORATION MEETING HERE AT 1118.