The Wharton Independent School District released information about the General Land Office (GLO) multi-family housing project that it is considering, and in some cases, have continued to be the concerns of some residents.
During a special meeting on Tuesday, Nov. 19, Wharton ISD said the project has passed cost underwriting, cleared Phase 1 environmental review, and the GLO has been authorized by the U.S. Housing of Urban Development to issue the district a contract.
In a question and answer sheet about the project, WISD said it would then “begin spending money against the project and receiving our reimbursements for work done.”
As November is ending, the GLO will provide WISD with a contract that it has a sample of to sign Once signed, the WISD has 18 months to complete the development.
WISD said this is a grant that would cost WISD nothing, including tax payers.
“The district is required by the grant to build 34 units within the allocated (money) accepted budget with the design to be determined after the contract is awarded,” WISD said. The amount of money allocated is $8,747,100.
At present, WISD has not announced if it will manage this project or hire a company to do it.
“The development has not been designed. This will occur after the contract is executed with the GLOW and a design firm is procured,” WISD said. “The application submission required a ‘conceptual design’ to be processed through cost underwriting.”
Once the development is done, WISD would have the opportunity to sell it to a buyer, but it must be approved by the GLO as “having the professional credentials necessary to own/operate the development successfully.”
Should WISD move in this direction, a contract would then be reissued to the new owner with the same Land Use Restrictive Agreement (LURA) held for the full 20-year duration.
WISD said if it decides to sell the development, it could include a provision in the sale that the units must be retained for the duration of the LURA to be rented to district staff.