Boerne PFC considers transfer of Live Boerne Hills partnership interest; $400,000 payment to fund discussed

The Boerne Public Facility Corporation on April 8 considered Resolution No. 2025-R01, a request to consent to the transfer of 3 Shooting Club SLP LLC's partnership interest in Live Boerne Hills LP to AHP Housing Fund 205 LLC and to authorize related amendments to the development subagreement.

The change would, if approved, deliver $400,000 of a deferred developer fee to the PFC fund, increasing the board's receivable under the agreement. Nick (presenter for the board) described Live Boerne Hills as a 62-unit, 55-and-over apartment complex with a certificate of occupancy issued in 2021 and occupancy running about 85 to 90 percent.

Why it matters: the PFC's consent is required to effect the sale between partners. The board's share of deferred developer fees and the timing of future revenue splits depend on when the project's deferred developer fee is paid off and on continued compliance with tax-credit requirements, a point several members pressed at the meeting.

Board discussion centered on three financial points. First, the transaction would deliver $400,000 toward a remaining deferred developer fee the presenters said is approximately $1,030,000. Second, counsel Summer…