Broken Arrow Municipal Authority
Meeting of: 11-18-2019
Title:
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Consideration, discussion, and possible approval of and authorization to execute an Economic Development Agreement between the Broken Arrow Economic Development Authority, an Oklahoma Public Trust (together with its successors and assigns, "BAEDA") and the Broken Arrow Municipal Authority (together with its successors and assigns, "BAMA"), Collectively the "City", and DHTC Development, LLC ("DHTC"), for an affordable senior housing project to be located near 37th and Kenosha Street in Broken Arrow
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Background:
DHTC Development, LLC specialize in providing seniors and families with better living since 2008. DHTC have been a part of and developed over 750 units of single family and multi-family housing. Debra Shantz Hart and Tammi Creason are the principle owners of DHTC Development. LLC. Currently DHTC has six (6) joint projects under construction in Oklahoma, Arkansas and Missouri. The have been extensively involved in historic preservation and downtown revitalization. They provide quality affordable housing in collaboration with civic leaders, public and private financial partners, and non-profit agencies.
Recently DHTC leadership approached Broken Arrow City Manager Michael Spurgeon requesting to enter into a Public / Private Partnership to build affordable senior housing at approximately 37th and Kenosha Street, in the City of Broken Arrow, County of Wagoner to be named Timber Ridge Cottages. The Developer is a private for-profit developer whose specialty is in the development of affordable housing for low-income seniors. The Developer has applied for and been awarded allocation of housing tax credits by the Oklahoma Housing Finance Agency.
The proposed project includes 14 buildings containing a total of 74 housing units. Timber Ridge Cottages will specifically include the construction of a four (4) story apartment building, containing 28 units and an additional 46 units design...
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