College Station city council discusses self funding a loan to save $1.2 million in fees
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Description
This podcast contains comments from the December 8, 2022 College Station city council meeting. In April of 2021, the College Station city council approved renovating a 50 unit apartment complex...
show moreIn April of 2021, the College Station city council approved renovating a 50 unit apartment complex that is occupied by low income residents who are at least 62 years old.
Federal funding was involved in the construction of Oak Hill Apartments on Anderson 40 years ago.
And at the December 8 council meeting, approval was given to authorize a $2.8 million dollar loan for renovating the complex.
The unanimous vote includes paying $1.2 million in fees for the federal loan.
Before the vote, there was discussion about councilwoman Elizabeth Cunha's idea for the city to fund the zero interest loan in order to not pay the fees.
City manager Bryan Woods said that could be done.
City councilmen Dennis Maloney and William Wright wanted to study Cunha's idea. Maloney told Cunha he wanted to talk with the city's financial staff during the next budget cycle to get the ramifications. Maloney then told Cunha "I think it's a really sharp idea."
The city of College Station's community services director Debbie Eller told WTAW News that there is no projected start date to the renovation. But the operator of Oak Hill apartments on Anderson have been notified about the project. When it starts, renovation will be two buildings at a time and is anticipated to take 60 days to complete.
Eller said residents will be provided with temporary places to live during construction. And their belongings will be moved for them and stored on site in portable storage containers. Eller says apartment residents will receive more specific information once the city gets the approval from the Texas attorney general's office.
Click the following link to read and download the 56 pages of information about the Oak Hill apartment renovation project: https://wtaw.com/wp-content/uploads/2022/12/120822OakHillApt.pdf
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