Ms. Janice Ashley

6d. Arbor Pointe Apartment Housing Revenue Bonds Request by The NRP Group - Janice Ashley of The NRP Group requested the Town Board consider adoption of Resolution 03-18 providing the town's consent for The NRP Group to use multi-family housing revenue bonds for the construction of Arbor Pointe apartments.Ms. Ashley said that the developer proposes to build an 114-unit development to be located in the Arbor Creek subdivision off of Sunset Lake Road and 2,144 square foot clubhouse.She said tax exempt financing lowers the cost of high quantity housing therefore, allows the developer to charge lower rental fees than market rate rents.She said the total development cost of the project would be approximately $10 million.

Ms. Ashley said that the development will have 36 market rate rental units and 78 units below market rate.

Ms. Ashley said the developer intends to finance construction of this development with housing revenue bonds.She said that in order to do this, The NRP Group must receive consent to use this type of financing from the municipality where the proposed development would be located.

Commissioner Schifano asked if they had completed a marketing analysis for the rental demand for the Holly Springs area.Ms. Ashley said yes, a Baltimore company completed an independent marketing study.She said the results from the study concluded that there was a need for this type of development in this area.

Commissioner Atwell said that the proposal looks good and of high quantity.He said that his concerns that in past proposals submitted to the Board were similar and also looked good, but there are three (3) housing opportunities for people to live in Holly Springs that are similar but with different names and looks.He feels that Holly Springs has enough of affordable housing and this project would not be a good match for Holly Springs.

The project is expected to generate about $50,000 in annual tax revenues once it's complete, according to Janice Ashley, the group's project manager.

Rents for the one- and two-bedroom units would range from $310 to $530.If the NRP Group secures the state tax credit, Ashley said it will start construction by March 2006.
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The developers must submit their final applications for the tax credits by May 6, and they hope to hear whether their projects are picked in August, Ashley said.