HomeMy WebLinkAboutCARIBOU APARTMENTS (RESUBMITTED) - FDP - 18-02D - CORRESPONDENCE - PROJECT EXTENSION (5)t
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REVISED 6= 3 2 14 0
Page 1 of 1
Steve Dush
From:
Ken Waido
Sent:
Thursday, October 13, 2011 10:21 AM
To:
Steve Dush
Subject: Caribou II
Importance: High
Steve,
The purpose of this email is to verify that City staff from the Affordable Housing and Human Services
Work Group in the Advance Planning Department has been working with Marc Hendricks, the
developer of the proposed Caribou II Apartments project for a long period of time. Staring in June of
2010, staff consulted with Mr. Hendricks and processed a $300,000 funding proposal for an allocation
of City financial assistance to the project. The City Council approved the funding in November of 2010.
Not only was the $300,000 a critical component of the financial package for the project, it demonstrated
a local financial commitment to the project which helped in a request to the Colorado Housing Finance
Authority (CHFA) for an allocation of highly competitive Low Income Housing Tax Credits (LIHTC).
The project had applied last fall, but was denied an allocation of LIHTC. However, this spring another
application to CHFA was made and the project was awarded an allocation of $1.25 million. This
allocation by CHFA was based upon the information that was included in the application. One of the
most critical issues was the "readiness -to -proceed" test that CHFA applies. This includes the zoning
situation of the land parcel that is the subject of the LIHTC application. In the materials submitted to
CHFA no mention is made in a letter written by the City of any problems or issues related to the zoning
of the Caribou II site, or any indication of a pending expiration of development approval. Because of
the critical nature of the "readiness -to -proceed" test, it is almost certain that CHFA relied upon the
information in the City's letter when deciding to allocate tax credits to the project. If the project is not
allowed to proceed, the project will lose its allocation of LIHTCs and the City will miss an opportunity
to add to its inventory of needed affordable housing units in the near future.
Let me know if you have any questions.
Thanks.
Ken
10/13/2011
Planning, Development & Transportation Services
F6rt
Clty oIjCommunity Development & Neighborhood Services
Collins North College Avenue
P.P.O. Box 580
Fort Collins, CO 80522.0580
970.416.2740
970.224.6134- fax
fcgov.com
October 17, 2011
J. Marc Hendricks
Hendricks Communities LLC
7350 E. Progress Place, Suite 208
Greenwood Village, CO 80111
Subject: Caribou Apartments - Final Plan Approval
Dear Mr. Hendricks,
The on -going communications and applications processed with the City's Advance Planning
department as outlined to me by Ken Waido, Chief Planner, are considered tantamount to a
request as outlined in the Land Use Code and therefore in accordance with Section 2.2.11, I
hereby grant an extension until August 16, 2012. Based on this extension, all engineering
improvements in accordance with your approved utility plans must be completed no later than
August 16, 2012.
Pursuant to Section 2.2.1 l(D)(4) of the Land Use Code, the Director is authorized to grant two
(2) successive one-year extensions. This is your second one-year extension request, with the first
being approved by the Director on August 16, 2010. Any additional one-year extensions may be
approved only by the Planning and Zoning Board.
Should you have any questions or require additional information, please feel free to give me a
call at 970-221-6765.
Sincerely,
St6ven Dush, AICP
Community Development &
Neighborhood Services Director
cc: Sheri Langenberger, Development Review Manager
Project File #18-02C/D