HomeMy WebLinkAbout15967RESOLUTION NO. 15967
A RESOLUTION AUTHORIZING THE CITY OF PUEBLO TO GRANT
PARTIAL WAIVERS OF FEES TOTALING $250,000 RELATED TO
THE WASTEWATER SANITARY SEWER COLLECTION FEES AND
THE PLANT INVESTMENT FEES ASSESSED TO THE COMPASS
POINTE AFFORDABLE HOUSING PROJECT TO BE LOCATED ON
PARCEL NO. 428200007 OFF OF OAKSHIRE LANE
WHEREAS, the
economic development; and,
WHEREAS, the construction of the Compass Pointe affordable housing development on
an 15.4-acre complex within the corporate limits of the City of Pueblo will result in sales and use
tax revenue associated with the project; and,
WHEREAS, the waiver of fees for Wastewater Utility tap and plant investment fees as
authorized by this Resolution is for a public purpose and in furtherance of a municipal function
and will enhance economic development in the City; and,
WHEREAS, Affordable housing developments yield much less ongoing revenue than
market rate properties, making additional subsidies necessary for projects to be viable; NOW,
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that
SECTION 1.
The City shall grant a waiver of $250,000 towards wastewater sanitary sewer collection
fees and plant investment fees charged to the Compass Pointe affordable housing development
consisting of 192-units and located off of Oakshire Lane on Parcel No.428200007.
SECTION 2.
The officers and staff of the City are authorized to perform any and all acts consistent with
the intent of this Resolution which are necessary or desirable to implement the transactions
described herein.
SECTION 3.
The waiver of wastewater utility fees as provided in this Resolution will expire on
December 31, 2025 unless the issuance of a building permit by the Pueblo Regional Building
Department for the construction of the apartment complex has occurred.
SECTION 4.
This Resolution shall become effective immediately upon passage and approval.
INTRODUCED: April 28, 2025
BY: Brett Boston
MEMBER OF CITY COUNCIL
APPROVED: __________________________
PRESIDENT OF CITY COUNCIL
ATTESTED BY: ________________________
CITY CLERK
City Clerk's Office Item # M2
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: April 28, 2025
TO: President Mark Aliff and Members of City Council
CC: Mayor Heather Graham
VIA: Marisa Stoller, City Clerk
FROM: Scott Hobson, Acting Director Planning and Community Development
A RESOLUTION AUTHORIZING THE CITY OF PUEBLO TO GRANT PARTIAL
SUBJECT:
WAIVERS OF FEES TOTALING $250,000 RELATED TO THE WASTEWATER
SANITARY SEWER COLLECTION FEES AND THE PLANT INVESTMENT FEES
ASSESSED TO THE COMPASS POINTE AFFORDABLE HOUSING PROJECT TO
BE LOCATED ON PARCEL NO. 428200007 OFF OF OAKSHIRE LANE
SUMMARY:
Attached is a Resolution authorizing the City of Pueblo to issue a partial waiver of fees
for wastewater sanitary sewer collection fees (SSCF) and plant investment fees (PIF)
totaling up to $250,000, requested by the Kittle Property Group Inc. for the development
of the Compass Pointe affordable housing development.
PREVIOUS COUNCIL ACTION:
None.
BACKGROUND:
The Kittle Property Group has been awarded a Private Activity Bond (PAB) allocation
from the Colorado Housing and Finance Authority (CHFA) to construct a 192-unit
This project will be utilizing
various public and private funding sources including the PAB allocation, Proposition 123
funding from the State Division of Housing, Low Income Housing Tax Credits (LIHTC)
from CHFA, and HOME funds from the City of Pueblo to finance the over $72M project.
FINANCIAL IMPLICATIONS:
The Wastewater Utility will grant a partial waiver of SSCF and PIF fees. Based on 192
new units of affordable housing at the 2025 rate schedule, the waivers to the Compass
Pointe affordable housing project shall be as follows:
Fee Type Amount
Sanitary Sewer Collection Fee Waiver $125,000
Plant Investment Fee Waiver$125,000
Total Waiver Fees $250,000
BOARD/COMMISSION RECOMMENDATION:
None.
STAKEHOLDER PROCESS:
The developer has conducted a neighborhood meeting to present the project to the
surrounding neighbors.
ALTERNATIVES:
If this Resolution is not approved, the financial feasibility of the project will be weakened,
CHFA. Without a local contribution, CHFA will view the project as not having substantial
support. The competition to secure LIHTC dollars is highly competitive, and local
support makes the development more viable.
RECOMMENDATION:
Approve the Resolution.
ATTACHMENTS:
1. Compass Pointe Resolution WW TAP - PIF Waiver Background
2. Compass Pointe Resolution WW TAP - PIF Waiver Resolution
