PILLAR: Growing
AGENDA DATE: April 22, 2026
COUNCIL DISTRICT(S): 13
DEPARTMENT: Office of Economic Development
PRIORITY: Targeted Economic Growth
______________________________________________________________________
SUBJECT
Title
Authorize a Chapter 380 economic development grant agreement and all other necessary documents (“Agreement”) with Meadow Sycamore, LP, a Texas limited partnership, and/or its affiliates collectively, in an amount not to exceed $13,500,000.00 (“Grant”) in consideration of The Meadow Project, a mixed-income, transit-oriented, and permanent supportive multi-family residential development project on approximately 2.3 acres of real property addressed as 8130 Meadow Road (“Property”), in accordance with the Economic Development Incentive Policy - Total not to exceed $13,500,000.00 - Financing: Economic Development (G) Fund (2024 General Obligation Bond Fund) ($13,500,000.00) (subject to annual appropriations)
*In alignment with Economic Development Incentive Policy.
Body
BACKGROUND
On February 12, 2025, the City Council authorized a Resolution of Support for the Developer’s application to the TDHCA for competitive 9% LIHTC for the Project by Resolution No. 25-0278.
On July 24, 2025, the TDHCA Board awarded $2 million in LIHTC to The Meadow Project in the 2025 allocation cycle. The Project application ranked tied for 3rd out of 14 applications in Region 3/Urban.
The proposed Project is located in a high opportunity area (Census tract 78.22). High opportunity areas within the city of Dallas are Census tracts with a poverty rate of 20% or lower. Census tract 78.22 has a poverty rate of 15.3%. High opportunity areas often have attributes that, based on recent research, appear to have a positive effect on the economic mobility of residents.
The Property is approximately 2.3 acres containing a vacant 77,132 square foot 3-story building that was originally constructed in 2017 as a skilled nursing facility. The Property is located approximately 1,000 feet from the DART Walnut Hill Station and has proximity to several medical facilities as well as full-service grocery stores and pharmacies.
The estimated total Project cost is approximately $31.7 million, and the Project is proposed to include the Developer’s acquisition, renovation, conversion, and adaptive reuse of an existing vacant 3-story building to create 75 mixed-income multi-family residential units. All units will be income-restricted for 45 years per the LIHTC Land Use Restriction Agreement (“LURA”) to households earning 30% to 60% of Area Median Family Income (“AMFI”). The proposed unit mix is:
o 15 units for households earning less than 30% AMFI
o 45 units for households earning less than 50% AMFI
o 15 units for households earning less than 60% AMFI
In partnership with the Developer, PWA Coalition of Dallas, Inc. dba AIDS Services of Dallas, a Texas non-profit corporation, will provide supportive services for tenants with HIV/AIDS, including monthly transportation to community/social events, annual income tax preparation, food pantry, annual health fair, weekly exercise class, local law enforcement partnership, notary services, bi-monthly recreational activities (arts & crafts, book club, etc.), bi-monthly social activities (pot lucks, holiday celebrations, etc.), and weekly home chore or maintenance for elderly or disabled tenants.
Proposed unit amenities include full electric kitchen appliances, spacious eight-foot ceilings, decorative lighted ceiling fans in living rooms and bedrooms, garden tubs and walk-in showers, full-size washer and dryer connections, and oversized walk-in closets.
Proposed community amenities include fully equipped fitness room, community theater room, community/event room with kitchen, business center with computers and printers, library, billiards room, and laundry facilities.
In September 2025, the Developer submitted a development incentive application to the Office of Economic Development seeking gap funding to make the Project financially feasible.
Based on a comprehensive review of the development incentive application and extensive consultation with the City’s independent outside underwriter, staff structured a proposed economic development Grant in an amount not to exceed $13,500,000.00 as gap funding to make the Project financially feasible and negotiated a detailed Letter of Intent (“LOI”) with Developer. On March 25, 2026, the Developer accepted and executed the LOI.
The Grant is to be sourced from the City’s 2024 General Obligation Bond Fund (Proposition G: Economic Development/Housing). The Grant shall be payable upon Developer’s Substantial Completion of the Project and submission of detailed documentation evidencing compliance with the terms, conditions, and requirements set forth in the economic development grant agreement. The Resolution accompanying this agenda item contains the key terms, conditions, and requirements of the proposed economic development grant agreement.
ESTIMATED SCHEDULE OF PROJECT
Begin Construction December 2026
Complete Construction June 2028
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
’The Housing and Homelessness Solutions Committee was briefed by memorandum regarding the Developers application to the Texas Department of Housing and Community Affairs (“TDHCA”) for competitive 9% Low Income Housing Tax Credits (“LIHTC”) for the Project in the 2025 allocation cycle on January 28, 2025. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=13697995&GUID=96DF26DC-21E2-4141-B9B6-DF2522C3E6AA>
On February 12, 2025, the City Council authorized a Resolution of Support for the Developer’s application to the TDHCA for competitive 9% LIHTC by Resolution No. 25-0278.
The Economic Development Committee was briefed by memorandum regarding this matter on April 6, 2026. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=15353024&GUID=4B942D86-22C2-4F0F-A4B2-DB947BB7CAC4>
FISCAL INFORMATION
|
Fund |
FY 2026 |
FY 2027 |
Future Years |
|
Economic Development (G) Fund (2024 General Obligation Bond Fund |
$0.00 |
$0.00 |
$13,500,000.00 |
|
Total |
$0.00 |
$0.00 |
$13,500,000.00 |
DEVELOPER
Meadow Sycamore, LP
Jessica Krochtengel, Manager
MAP
Attached