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Council debate over Lily Springs PFC term sheet ends with resolution failing
Summary
After extended public and council debate, Seguin officials voted down a proposed term sheet that would have used a Public Facility Corporation structure and a long-term tax exemption to facilitate a 282-unit workforce housing project; council members cited worries about the length of tax abatement, school district impacts and outside housing finance entities.
The Seguin City Council convened as the Seguin Public Finance Corporation to consider a term sheet for the Lily Springs Apartments, a proposed 282-unit workforce housing project to be developed by LightPath.
John Kirk, founder of LightPath, and Summer Greathouse (legal counsel) described the project as a three-story, Class A workforce housing development near Cordova Road and Highway 46. Under the proposed structure the public facility corporation (PFC) would own the project and lease it to a development partnership for 75 years; state law limits a property-tax exemption to 60 years under current statute as discussed in the presentation. Economic terms in the term sheet included a…
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