On the agenda: Georgetown meeting — data center (Sep 3)

City Councilmembers
Sonja Wilkins Brent
Michael Crisp
Willow Hambrick
Greg Hampton

Burney Jenkins, Mayor

City Councilmembers
Kim Menke
Tammy Lusby Mitchell
Karen Tingle Sames
Todd Stone

NOTICE OF A SPECIAL MEETING
Notice is hereby given that a Special Meeting of the Georgetown City Council will be held in City Hall,
Council Chambers, 100 N Court Street, Georgetown, KY 40324, at 6 PM ET (5 PM CT) on Thursday,
September 3, 2026, to discuss the items contained in the agenda attached hereto and incorporated herein by
reference.
Special City Council Meeting
Council Chambers
100 N Court Street, Georgetown, KY 40324
Thursday, September 3, 2026
6 PM ET (5 PM CT)
AGENDA

1. Call to Order
2. Roll Call
3. Approval of Minutes – August 24, 2026, City Council Meeting
4. Overview of Low-Income Housing Tax Credit (LIHTC) Program/Elkhorn Crossing Development
Proposal at N Hamilton Street (PVA Parcel No. 165-40-054.000)
5. Public Comments
6. Affordable Housing and Homelessness Prevention
a) Discussion – Low-Income Housing Tax Credit (LIHTC) Program/Elkhorn Crossing Development
Proposal at N Hamilton Street (PVA Parcel No. 165-40-054.000)
b) Possible action, if any, following discussion of Item 6a
7. Adjourn

100 N Court Street | Georgetown, KY 40324 | Phone: 502-863-9800 | Fax: 502-863-9810 | EOE
Voice to TDD: 800-648-6057 | TDD to voice: 800-648-6056

Georgetown City Council Meeting
Minutes of August 24, 2026

Page 1 of 3

Georgetown City Council Meeting
August 24, 2026
6 pm
Mayor Jenkins called the Georgetown City Council meeting to order. All members were present except
Councilmember Tingle Sames. Councilmember Wilkins Brent led the pledge.
1. Minutes
A motion to approve the Minutes from the August 10, 2026, Special Called City Council
Meeting was made by Councilmember Hambrick and seconded by Councilmember Hampton.
The motion was unanimously approved.
2. Event Application – Thrilled to Give
A motion to approve the closure of Main Street at Broadway and Mulberry for the Annual
Thriller Parade on October 17, 2026, was made by Councilmember Lusby Mitchell and
seconded by Councilmember Wilkins Brent. The motion was unanimously approved.
3. Mayor’s Comments
a) Fire Chief Seth Johnson 20-year Service Recognition
Mayor Jenkins presented a certificate and pin to recognize Chief Johnson’s service.
b) Fire Extinguisher Prop Presentation
Firefighters demonstrated how the Extinguisher Prop operates and where they will use it for
training.
4. *Lanes Run Business Park
a) Joint Resolution – Lanes Run Pad Ready Site Reimbursement
A motion to approve was made by Councilmember Menke and seconded by Councilmember
Stone. The motion was unanimously approved.
b) Municipal Order – Land Sale Contract (NAICS code 238290 – Rigging)
A motion to approve was made by Councilmember Hampton and seconded by Councilmember
Stone. The motion was unanimously approved.
5. Affordable Housing and Homelessness Prevention – Discussion – Low-Income Housing Tax
Credit (LIHTC) Program /Elkhorn Crossing Development Proposal at N. Hamilton Street (PVA
Parcel No. 156-40-054.000)
[Councilmembers Crisp and Lusby Mitchell recused themselves from this discussion and
possible action, if any, following said discussion.] A motion to call a Special Meeting of the
City Council on September 3, 2026, to discuss the LIHTC Program/Elkhorn Crossing
Development Proposal was made by Councilmember Hampton and seconded by Councilmember
Menke. The motion was approved 5-0 with 2 recused.
6. Planning & Zoning/Zoning Ordinances
Holden Fleming, Director of Planning and Zoning, explained the amendments to the ordinance
concerning data centers. A motion for Planning and Zoning to bring to council the definition
of professional data processing was made by Councilmember Lusby Mitchell and seconded
by Councilmember Hambrick. The motion was unanimously approved.
7. First Reading – 2026 Property Tax and Motor Vehicle Ordinance

Georgetown City Council Meeting
Minutes of August 24, 2026

Page 2 of 3

8. GMWSS
a) Customer Service Update
Chase Azevado, GMWSS General Manager, provided an update on leaks observed by bill
increases and reported by customers.
b) Meter Audit
Azevedo explained the recent meter audit and how 3 different entities conducted separate
audits for comparison.
c) Desha and Water Street Sanitary Sewer Replacement – Informational update
i. Cabins
A motion to approve leaving the South Cabin in the original location and placing the
Leach Cabin back in its previous place was made by Councilmember Lusby Mitchell
and seconded by Councilmember Hambrick. The motion was unanimously
approved.
ii. Channel Cleaning
A motion to approve cleaning the entire channel at a cost of $105,795.91 was made
by Councilmember Hampton and seconded by Councilmember Stone. The motion
was unanimously approved.
d) Allmax Software – $14,078.00
e) Judy Construction Inc. – $255,729.41
f) C Square Excavating, LLC – $40,523.80
g) Xylem Water Solutions USA – $71,525.00
A motion to approve items d – g was made by Councilmember Stone and seconded by
Councilmember Wilkins Brent. The motion was unanimously approved.
9. City Engineer – Municipal Order – Sims Road Landfill Drainage Pipe Inspection, Cleaning and
Repairs Change Order No. 1
A motion to approve was made by Councilmember Menke and seconded by Councilmember
Hampton. The motion was unanimously approved.
10. Finance
a) Municipal Order – Renewal of Stock Yards Bank Certificate of Deposit
A motion to approve was made by Councilmember Hampton and seconded by
Councilmember Lusby Mitchell. The motion was unanimously approved.
b) Finance Department Update
Stacey Clark, Finance Director, provided a brief overview of the Finance Department's staff
responsibilities and the department's future goals.
11. Police – Resolution – VAWA Grant
A motion to approve was made by Councilmember Hambrick and seconded by
Councilmember Wilkins Brent. The motion was unanimously approved.
There being no further business, Mayor Jenkins adjourned the meeting at 9:20 pm.
APPROVED
________________________________
Burney Jenkins, Mayor
ATTESTED BY:
__________________________________
Tracie Hoffman, City Clerk-Treasurer

Georgetown City Council Meeting
Minutes of August 24, 2026

*Denotes a deviation from the printed agenda order.

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Units
Unit Mix
Rents
Area Median Incomes served

City of Georgetown
$300,000
2% interest rate
30-year term (or pd. by excess cash flow to
pay off earlier)

Elkhorn Crossing Fact Sheet
60
1, 2, & 3 Bedroom
1 Bed ($810-$1,050), 2 Bed ($935-$1,185), 3 Bed ($1,025-$1,300)
50%, 60% & 70% ($35,750-$82,950 annual salary)
Ask Of The Community
Scott County Fiscal Court
$300,000
2% interest rate
30-year term (or pd. with excess cash flow
to pay off earlier)

Georgetown Municipal Water & Sewer Service
$300,000
2% interest rate
30-year term (or pd. with excess cash flow to
pay off earlier)

Narrative
We are asking for a total of $900,000 from these three entities to help pay for the upfront cost of replacing two deteriorated pump
stations with 1 new pump station. Georgetown Municipal Water & Sewer Service has mentioned that this is a necessary capital
improvement that would need to happen with or without this development. Per GMWSS the cost to repair the two older pump stations
would roughly cost around $700,000 being paid by GMWSS. Replacing the two-older pump stations with a new system could also serve
additional properties in the surrounding neighborhood and would be paid for by Woda Cooper Companies. This solves a problem for the
current neighborhood with no expense to other customers or ratepayers.
This ask equates to the three entities paying a fraction of the estimated total cost of $996,405 in the form of a loan that is to be repaid at
2% interest over 30 years through excess cash flows – with the expectation of an earlier payoff. These financial commitments would not
only result in a necessary public infrastructure improvement, but they would also potentially help bring 60+ units of much needed
affordable/workforce housing to the area.
Phase 1 of this 3-phase mixed inventory development will be the first new development in this area in 21 years. This nearly
$17,000,000 investment will help provide housing for people earning between $35,750-$82,950. This salary range represents service
workers, teachers, fire fighters, bank tellers, factory workers and other essential professionals.
Resident / Council Concerns

1.
2.
3.
4.

5.
6.
7.
8.

9.

Using taxpayer funds responsibly - We are asking the City to provide a $300,000 loan toward an estimated $996,405 project
cost rather than a grant or full subsidy. A loan preserves public funds, requires repayment with interest, and is a more fiscally
responsible way to support housing goals.
Why not build only single-family homes? Single-family homes are part of our proposed plan, but Georgetown currently faces a
shortage of nearly 3,000 housing units. Including higher-density homes such as walk-ups and townhomes helps meet that
urgent need and creates a balanced neighborhood with more affordable options.
Easy, no-cost rent payment options for residents - We manage our properties directly and make rent payment accessible.
Residents will be able to pay by cash, check, or debit card—providing free, convenient payment methods for those who need
them.
Why the developer still needs a City contribution - A City financial contribution strengthens our Tax Credit application and
increases the likelihood the project will move forward. The loan is structured to be repaid to the City with interest, so it is an
investment in affordable/workforce housing that comes back to the community. Georgetown is competing with probably 40
other communities for affordable housing. The State Housing Agency only has enough funds to award 12 -15 developments.
To be competitive we need a symbolic show of support from the city and county governments by supporting the pump station
loan request and repayment.
Direct benefits to Georgetown residents - All eligible Georgetown residents may apply for units in this development. Qualified
residents who move in could save an estimated $300–$700 per month, which can help them build savings toward
homeownership or other financial goals. The project can also create positive economic ripple effects in the community.
Positive impact on the surrounding area - The project includes a new pump station that will serve nearby properties. Over time
the development will contribute to the property tax base and may help avoid certain surcharge-related costs by improving
infrastructure capacity as stated in the first paragraph.
Responsible precedent for future development - This approach differs from requests for one-time grants or donated land,
because the City’s contribution is a repayable loan with interest, it preserves the expectation that developers share financial
responsibility. Supporting this project also reinforces the City’s commitment to increasing affordable housing stock.
City owning and donating the land - If the City were to purchase this property, to choose a development partner it would need
to run a formal procurement process (an RFP), which increases time and expense. In this scenario, the pump stations would
still need replacement and be a separate expense from the land purchase. A loan to a vetted development partner speeds
delivery of housing while maintaining appropriate public oversight.
Time-line – If we don’t make the timeframe for this year’s application submission, we will need to wait another year. With the
uncertainty of what scoring criteria may be imposed for next year’s funding round, this development could ultimately be
impacted by changes and not score high enough to be competitive for next year.

City of Georgetown – Elkhorn Crossing
Development
Woda Cooper Companies

Woda Cooper Companies
Development, Construction, Management, and More
o Experienced Affordable Housing Partner – Founded in
1990, WCCI develops, constructs, owns, and manages highquality affordable housing across diverse markets and
housing types.
o Proven Track Record – 400+ communities, 19,000+ homes,
and $1.8B+ in development, with experience spanning
urban, rural, senior, family, new construction,
rehabilitation, and adaptive reuse developments.
o National Scale, Local Focus – 800+ employees operating
across 19 states, we combine the resources of a national
developer with a strong commitment to the communities
we serve.
o Long-Term Community Partner – As a long-term owner
and manager, WCCI remains invested beyond
construction—focused on quality, resident success, and
strong partnerships with local governments and
communities.

Offices located in Georgia, Indiana, Kentucky, Maryland, Michigan, North Carolina, Ohio, and Virginia

2

List of Funding Sources
WCCI leverages a broad range of public and private financing tools,
including:
o Low-Income Housing Tax Credits (LIHTC) – 9% and 4% LIHTC with taxexempt bonds
o FHA Financing – 221(d)(4) and 223(f) insured loans
o USDA Rural Development – Section 538 and 515 financing
o Federal & State Programs – HOME, National Housing Trust Fund, and
CDFI funding
o Historic & Brownfield Incentives – Federal and state historic tax credits
and brownfield credits
o Rental Assistance – Project-Based Rental Assistance, Contract-Based
Section 8, RAD, and Section 811
o Energy Incentives – Section 45L energy credits
o Community & Economic Development – New Markets Tax Credits
(NMTC) and Tax Credit Assistance Program funds

3

Low-Income Housing Tax Credits (LIHTC’s)
What are Low-Income Housing Tax Credits?
o Established in 1986, the LIHTC program provides a federal
incentive for private investment in the development and
preservation of affordable rental housing.
o Tax Credit Incentive – Investors receive federal tax credits
in exchange for providing equity to affordable housing
developments, reducing their federal tax liability.
o Affordable Housing Investment – Investor equity helps
finance development costs, allowing properties to offer
below-market rents to income-qualified residents.
o 10-Year Credit Period – Tax credits are generally allocated
to investors over a 10-year period.
o Long-Term Affordability – LIHTC properties are subject to a
15-year initial compliance period, followed by an
additional 15-year extended use period, requiring the
property to maintain designated affordable units and rents.
This Photo by Unknown Author is licensed under CC BY

Offices located in Georgia, Indiana, Kentucky, Maryland, Michigan, North Carolina, Ohio, and Virginia

4

What Role Does KHC Play?
o Kentucky Housing Corporation (KHC) administers the state’s
annual allocation of Low-Income Housing Tax Credits (LIHTC).
o Two LIHTC Programs:
o 9% LIHTC – Competitive program awarded through a
scoring process based on KHC’s Qualified Allocation Plan
(QAP).
o 4% LIHTC – Generally non-competitive and paired with taxexempt bonds, typically requiring additional gap financing.
o Limited Annual Allocation – KHC receives approximately $12
million in 9% LIHTC annually, supporting roughly 15
developments per year.
o Target Population – Affordable and workforce housing serves
low- to moderate-income families, seniors, and workers,
generally targeting households earning 30%–80% of Area
Median Income (AMI).

5

How 9% LIHTC Creates Affordable Housing
Assumptions
o Total Development Cost: $12,000,000
o Units: 50
o Credit/Unit Limit: $22,000/unit
o Annual LIHTC Allocation of 1,100,000
o 10 years = $11,000,000
o LIHTC equity investor will currently pay
between $0.80 and $0.90
o Resulting in $9,350,000 in LIHTC Equity or
cash into the deal
o Leaving approximately $2,650,000 in
traditional senior debt
o High equity and low bank debt is why
rents can be affordable!

6

What Helps Make Deals Pencil?
Permanent Below-Market Sources

7

Scoring Criteria
How City Support Strengthens the Project
• Improves Project Feasibility – City participation through land contributions, financial support, utility assistance, or
waived fees can reduce development costs and help close the project’s financing gap.
• Increases Competitiveness for Limited Funding – Because 9% LIHTC is a competitive program, projects are
evaluated relative to other applications. Additional local sources can increase the project’s comparative score and
improve its likelihood of receiving an award.
Bottom Line: City participation like money towards sewer pump station and waived tap fees can help make the
Review
project financially feasible while also strengthening its competitiveness for limited LIHTC resources.
Max Score

Self Score

Score

Final Score

Permanent Below-Market Sources
Urban
6. Applications that propose permanent grants or loans at below market rate or secure land for less than $5,000 will be eligible for points.
20.0000
The points will be determined by the amount of below market sources per unit (including the documented value of any donated land),
based on the average number of units of all projects submitted in this round. If the land is purchased for $5,000 or less, the purchase
Bal. of State
price will be subtracted from the land value. Projects with the greatest amount of below-market sources per unit will receive the
15.0000
maximum points. For reference, in the 2026 competitive funding round, the average number of units in all new supply projects was 51. All
units in the proposed project must be LIHTC units; applications with market rate units are ineligible for points in this section.

Enter the total permanent belowmarket sources proposed:

8

LIHTC Timeframe
Application process for 9% LIHTC

o Sept. 2026:

Application Submitted to KHC
Commitment Letters Due

o Jan 2027:

KHC Awards LIHTC

o Jan-Sept. 2027:

Finalize Civil and Construction
Drawings

o Oct 2027:

Permits Issued & Closing

o Nov. 2027:

Start of Construction

o January 2028:

Funds needed from
Georgetown

o Dec. 2028:

Start Pre-Leasing

o Jan. 2029:

End of Construction

o Jan-Mar 2029:

Lease-Up

9

Multi Phase Mixed-Use Development
Development Overview
o Phase I: 60 walk-up apartments offering 1-,
2-, and 3-bedroom units, providing quality
workforce and affordable housing.
o Phase II: Townhome-style apartments,
expanding the community’s range of
housing options.
o Phase III: For-sale single-family homes,
creating opportunities for homeownership.
10

Elkhorn Crossing
Site & Amenities

Property Amenities: Property will offer a
community room with kitchenette, fitness
room, computer lab/kids lounge, laundry
room, manager and maintenance office,
playground, picnic tables and grills, dog park
and bike racks
Unit Amenities: Each unit will have
washer/dryer hook-ups, refrigerator, stove,
range, microwave, garbage disposal, luxury LVT
flooring, window blinds and outside storage on
the deck.

11

Proposed Renderings

12

Below Market Rents

Our Rents:
1BR units

2BR units

3BR units

$810 - $1,050

$935 - $1,185

$1,025 - $1,300
13

Salary at Move-In of Qualified Tenants

Area Median Incomes:
o 50%, 60% & 70%
o This allows a wider range of
individuals in the workforce to
rent these units.
o Once they become a qualified
tenant, they can earn double
their salary next year and
continue to be a resident in our
development with no penalty.

14

What Does This Mean For Residents?
o A single person earning $42,900 could qualify for
a 1-bedroom unit that costs $810 - $1,050.
o Compare that to a new market-rate 1- bedroom
unit that costs on the average in Georgetown
($1,699 for a 1-bedroom) up to $3,000 a month
for a three-bedroom unit.
o That means a monthly savings of $649. This
savings could be used to pay for an unexpected
bill, pay down other debts, saving for
homeownership or to support local small
businesses.
o This represents a real increase in quality of life for
people and can have a positive effect on other
areas of the community.
Chart from First Florida Credit Union

15

Elkhorn Crossing Organizational Structure

16

Elkhorn Crossing Development Team
Owners:
Elkhorn Crossing
Limited Partnership

Developer:
Housing Services
Alliance, Inc.

Co-Developer:
North Elkhorn
Investment, LLC

Consultant:
Woda Cooper
Development

GC:
Woda
Construction, Inc.

Management:
Woda
Management &
Real Estate
17

Elkhorn Crossing Capital Stack/Use of Funds
Source of Funds:

Rate

Term

Amort Amount

o Federal Investor Equity

$11,998,800

o Permanent First Mortgage

7.50%

15

40

$ 3,125,000

o First Soft Debt (Georgetown)

2.00%

30

30

$

o Deferred Developer Fee (12 yrs)
Total Sources:

900,000 (pd through cash flow)

$ 1,002,139
$17,025,939
Uses of Funds:
Land
Building Acquisition
Construction
Soft Costs
Developer Fees
Reserves
Total Uses:

$
0
$
0
$12,081,263
$ 3,003,456
$ 1,386,000
$ 555,220
$17,025,939
18

Bridlewood Crossing
Louisville, KY
o 76-unit senior community
o
o

28 one-bedroom
48 two-bedroom

o 30% of units set-aside for tenants
with mental/physical disabilities and
are homeless
o $20.35 million total investment
o
o
o
o

Investor LIHTC Equity: $13.55 million
Permanent First Mortgage: $2.25 million
Louisville General Fund: $2.2 million
Louisville AHTF: $2.35 million

o Amenities: community room, case
manager, computer lab, craft room,
billiards room, laundry room, fitness
center, rooftop terrace, picnic tables
w/ grills, dog park, and community
garden beds.
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Our Ask From the Community
 Land Donation – value of the land once appraised
 Cost of new sewer pump station to eliminate two older pump stations $996,405
o Georgetown Municipal Water & Sewer Service (contributes $333,000)
o City of Georgetown (contribution $330,405)
o Scott County Fiscal Court (contribution $333,00)

 Any possible waived/reduction of tap fees for construction:
o Sewer tap fee: $1,750/unit = $105,000
o Water tap fee: $1,750/unit= $105,000
o Reduced building permit fees
o Reduced development plan fees
These contributions would equal over $1.2M of investment into this development which would directly impact
affordability and increase our chances of being awarded

20

Questions?
Tammy Stansbury
[email protected]
(502) 609-4633
Devin Brown
[email protected]

Thank You!

www.wodagroup.com
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