Following the regular meeting of the Pleasanton City Council on Thursday evening, December 6, there was a meeting of the City of Pleasanton, Texas Economic Development Corporation Board of Directors. On the agenda was a request for construction of 72 singlefamily rental homes in the Oak Pointe subdivision by Ana’s Cove, Ltd. – Siltek Group. The request was unanimously approved.
Pleasanton City Manager Bruce Pearson said, “Well, the Oak Pointe development, to kind of recap, is a 95-acre, multi-use master planned community of commercial, multi-family and singlefamily homes. Of the commercial component, right now, as planned, there’s a 200,000 square foot shopping center. Moving from that, there’s the multi-family development of about 650 to 800 apartments and the single-family homes, which comprise about 200 to 279 homes. Based on their elevations and their floor plans, that could fluctuate a little bit. They came to the City Council and asked for some letters of support for one particular area of the singlefamily homes which will be 72 homes in a neighborhood with its own amenity center, its own recreational center. They’re called tax credit homes. There will be two phases of 36 homes each, the first phase to begin development in late 2013 or early 2014. The subsequent phase of 36 homes would be built a year later. The construction in each of these phases will be where all homes are being built at once, in one huge development effort.”
When asked about the U. S. Department of Housing and Urban Development component of this master planned community, Pearson responded, “This is a program that began in the late 80s under the Reagan administration and it’s under HUD and the thing that makes this so unique is private individuals can invest in these tax-credit homes. That’s the funding they seek. Over a twelve to fifteen year time frame, the developer or the funding mechanism will reap their investment out plus a return on their investment. The state, totally, has the control in the regulatory oversight of not only how these homes are built but how these homes are managed and the type of upkeep and maintenance that’s expected. The state will make two visits a year to insure that the administrative staff or the managers of the rentals are keeping all of their regulatory paper work in order, their reporting is on time and the overall shape of the neighborhood has to be kept to a constant.”
Pearson continued, “Once the investors have their money out plus the premium or the money earned off their investment, if you will, Siltek has proposed to the city that they would turn all 72 of the homes over to the city to own at no cost to the city. They also proposed that they would like to enter into an agreement with the city to manage these homes. They’re going to have their management company, that they normally use, work with the city a year or two to make sure, whoever the city assigns to the management of this property, that they are well-versed on the regulatory paper work that has to be submitted to the state and that everything is kept in good working order. At this point, the projections are the city will, or the Economic Development Corporation, after all bills are paid, have about a $16,000.00 – $17,000.00 windfall each year which can begin a funding mechanism for the Economic Development Corporation. So, I think what’s so attractive about these homes is that it will provide some living opportunities for our citizens that’s not there at this point. We have some excellent subdivisions that are under construction and have been under development for some time. This component of that master planned community will allow a number of our citizens to have living opportunities that are not afforded in our community at this point.”