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Board preserves financing eligibility for MATCO’s early-stage 200-unit project on Old Lee Highway
Summary
MATCO presented an early-stage, ~200-unit affordable project on Old Lee Highway (Oduah) and the board approved a preliminary resolution to preserve bond eligibility (up to $27,000,000 for the larger MATCO package); developers said the site is in early design and environmental/flood studies and community meetings are planned.
The board approved a preliminary resolution to preserve tax-exempt bond eligibility for MATCO’s early-stage project on Old Lee Highway (referred to as Oduah) and for related MATCO projects in the packet.
Abhishek Mathur described Oduah as "projected to be a 200 unit project, very early stages" and said the development would include 2- and 3-bedroom units and be affordable (using income averaging and vouchers where applicable). He said the project is planned at 3–5 stories and that MATCO has engaged engineering consultants for flood-map and site engineering work. The board asked about environmental and floodplain issues; Mathur said no environmental studies are complete because detailed design is not finished but that map engineering has been engaged to address flood-zone constraints.
The board recorded voice approval of the preliminary resolutions preserving eligibility to apply to THDA; final design, environmental review, zoning and financing arrangements will return for later approvals if awards are secured.
