DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: John M. Dugan
COUNCIL DISTRICTS IMPACTED: District 3
SUBJECT:
SAHT Finance Corporation Multifamily Housing Revenue Bonds issuance for the Masters Ranch Apartments and SAWS impact fee waivers
SUMMARY:
An Ordinance authorizing the San Antonio Housing Trust (SAHT) Finance Corporation to issue an amount up to $18,000,000 in Multifamily Housing Revenue Bonds, for the Masters Ranch Multifamily Housing Project located in City Council District 3; and authorizing $297,287 in SAWS Impact Fee Waivers.
BACKGROUND INFORMATION:
The Pecan Valley Golf Course is a 180 acre privately owned golf club owned by Foresight Golf. The course hosted the PGA Championship in 1968 as well as several other notable golf events over the years. Due to financial issues, the golf course was closed in early 2012. The Foresight Golf LLC is proposing to redevelop the Pecan Valley Golf course into the Valor Club at Pecan Valley. The Valor Club at Pecan Valley would be first and only veteran-centric golf and recreational community. It will be comprised of seven distinct components tailored for veterans, senior citizens, people with disabilities, working families and children. Once completed, The Valor Club at Pecan Valley will be the only community of its kind in the United States. The proposed Masters Ranch development is an affordable housing project at the former Pecan Valley Golf Corse and is separate and apart from of the Valor Club.
In June 2012, through Resolution 2012-06-07-0417, City Council approved a rezoning 101 acres of 4700 Pecan Valley to "G" Golf Course District. The rezoning was to ensure the preservation of the site as a golf course and to discourage redevelopment in a floodplain. The remaining surrounding acreage is suitable for redevelopment efforts.
Additionally, through Ordinance 2013-04-04-0236, the City has set aside $1,467,159 in FY 2014 Home Inves...
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