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Ecanamic&Camcrn�nity Develppment <br /> DATE: 214120t9 <br /> MEMQ: No. 19-04 <br /> TO: Honorable Mayor Julie Moore Walfe and City Cour�cil Members <br /> FROM: Billy Tyus,Interim City Manager <br /> Raytr�nd Lai,Director of Econamic and Community Develaprnent <br /> Richelle D. Irons,Neighborhood Services Manager <br /> SUBJECT: <br /> Farn�al support from Mayor and City Council for Low Inco�Housing Tax Credit{LIH"TC}appiication praject,Greenwaad <br /> Manor Apartments <br /> SUMMARY RECOMMENDATION: <br /> Staff recotrn�nds approval af resalutian a�l forcr�l support for LIHTC application for renovation af Greenwaad Ma�r <br /> Aparhnents <br /> BACKGROUND: <br /> Greenwoad Manor Aparknents,located in the Central$usiness District�ighborhood of Decahu,is an aging apartment complex <br /> which houses low-rnoderate incarne residents. As affordable housing is a need in our comrnunity,maintaining and retaining <br /> affordable units is irnperative. The building has 108 units which are 1-2-and 3 bedraorns. Greenwood Preservation,LLC, <br /> assisted by ND Cansulting Group,a real-estate development and finance consulting fum based out af St. Louis,has received <br /> preliminary submission approval by Illinois Hausing Developtnent Authority(IHDA)to apply for Law Incorne Housing Tax <br /> Credits. If the application is approved,funds will be used to acquire and substantially rehabilitatelimprave atI the units and <br /> praperty. Estimated total consmaction cost is$8.1 million,while the tatal development cost is abont$14.4 million. <br /> NZ)Consulting Grraup(NDCG),has experience in low inco�housing tax credit projects and federaily fiznded/guararsteed <br /> residential developrnents witivn Missouri and Illinois,have pravided details an the improvements planned for Greenwood Manor <br /> Apartt�nts(see attached). Ars�ng the planned improvements are: increasing ti�number of accessibie units,installing a fire <br /> sprinkler system,energy efficient windows and lightin�,security cameras,improved lighting in the corridors as well as exkerior, <br /> freshly paved parking lots,new elevator towers,and playground equiprnent. Per NDCG,Busey Bank has agreed ta be an <br /> invcstar as wetl as a pattt�er in this praject. Sub-cantractors and local unian Iabor are intended to be used far renovatians to the <br /> dwelling units. <br /> The LIHTC applicarion process is very competitive and has a scoring criteria. Points are awarded in a variety of areas including <br /> forn�l City suppart and cities that have a revitalization plan. IHDA is aware that the City of Decatur is in the pracess of <br /> farnrutating a comrnunity revitalization plan and is willing to gr�nt paints for our community outreach,if documented. The <br /> resolution expressing support frarn the Mayor and City Council,if approved,will be included in the LIHTC application by <br /> Greenwoad Preservation,LLC. <br /> PC}TENTIAL CIBJECTIONS: There are no other tax credit projects wit2un Decatur being invited by IHDA for this round af <br /> funding. However,three other prajects in Macon County also received preliminary submission approval—two in the city of <br /> Macan and one in Mt.Zion,ait af which are new constructian projects. <br /> INPUT FROM OTHER SOURCES: <br /> Community input from Cammunity RevitaIization meetings and special graup forums,and annual Action Plan public meetings. <br /> STAFF REFERENCE: Should the City Council have any questions,they may contact Ray Lai,at 450-2335 or e-mail <br /> rlai@decaturil.gov or Richelle D. Irons @ 450-2320 or amail rirons@decaturil.gov <br /> BUDGET/TIME IMPL[CATIONS: <br /> Deadline for submission to iHDA is Februarv 15.2�19. <br />