Pilot Knob PUD questions

Only City Council members and authorized staff are allowed to post on this message board.
Shannon Halley
Posts: 36
Joined: Mon Nov 24, 2014 10:27 am

Pilot Knob PUD questions

Post by Shannon Halley »

Below please find questions from MPT Tovo following up on the 2/9/16 work session and the information contained in the 2/8/16 memo. These have been submitted to the formal Q/A process as well:

1. Please describe the items that will be contained within the Development Agreement and the estimated timetable for completion, and indicate whether that agreement will be approved by Council.
2. Please describe what will be contained in a restrictive covenant and the estimated timetable for completion, and explain why that wasn’t executed prior to a final decision on the zoning and whether the restrictive covenant will come to Council for approval.
3. The original MUD agreement required the developer to sell 10%/650 units at a price affordable to individuals at 80% MFI. During the work session it was noted that the city has the option but not the obligation to purchase the land and/or units. If the city declined to purchase any lots or units in the development, would the developer revert back to the original commitment to build and sell 650 units at affordable prices at the first sale? If so, where in the documents is that mechanism described?
4. At what point during the development process will the Austin Water Utility and Development Services waived fees be deposited into the Affordable Housing Trust Fund? (Please provide this information for a phased project with a buildout of 20 to 30 years.)
5. How will the price for the affordable lots purchased by the City be determined?
6. If the fees are paid over time rather than at the outset of the development, how will the City purchase lots and/or units if the Affordable Housing Trust Fund doesn’t yet have sufficient money to cover the lot/unit costs?
7. Mueller has been offered as a model for the affordable housing program at Pilot Knob. Please describe (1) the total amount of public money committed to the project and an estimate of the amount allocated toward housing versus parks and other amenities (2) the number, percentage, and level of affordable units and (3) the total amount and % of fees waived for SMART housing and any other relevant similarities/differences.
8. It’s my understanding that (generally speaking) the Mueller Foundation purchases affordable homes with proceeds it receives from previous sales of homes in the affordable program. Was a similar mechanism contemplated for Pilot Knob, using the $8 million (now $6 million) as starter funds to repurchase the 650 houses that the developer had committed to offer at affordable prices?
9. As mentioned above, during the work session it was said that the city has the option but not the requirement to purchase land or units at Pilot Knob. If the city chooses not to exercise this option, would the waived fees be returned to the Water Utility? Does the ordinance describe a particular process (outside of the annual City budget adoption) and proposed timetable for that ongoing evaluation and decision-making?
10. What are the allowable uses for Capital Recovery Fees? Have they been used to support other affordable housing efforts in Austin?
11. Do all departments budget for up to 1,500 SMART Living Unit Equivalent fee waivers per year? If so, please explain why AWU is projecting a rate increase in response to the fees waived in the Pilot Knob PUD agreement.
12. What would be the estimated property tax impact for the owner of a median-valued home for a $100 million general obligation housing bond? Would that amount change over time?
13. Would the estimated monthly utility bill impact for a 20- or 30-year buildout at Pilot Knob remain constant over the term of the buildout?
14. If such a generalization can be made, do dollars received through general obligation bonds have a higher or lower return on investment compared to dollars received through fees?
15. Of the 2,593 affordable units created with the $55 million in 2006 bonds, how many were home ownership opportunities? Of those 6 projects that provided homeownership opportunities, what were the levels of affordability, and what was the per unit subsidy?
16. What is the estimated number of affordable units to be created with the $65 million 2013 bond funds?
Senior Policy Advisor
Office of Kathie Tovo, District 9