STRATEGIC PRIORITY: Economic Development
AGENDA DATE: April 27, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize the Dallas Public Facility Corporation to acquire, develop, and own Standard at Royal Lane, a mixed-income, multifamily development to be located at 2737 Royal Lane (Project) and enter into a seventy-five year lease agreement with the LDG Development, LLC or its affiliate for the development of the Project - Estimated Revenue Forgone: General Fund $154,817.00 (See Fiscal Information)
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BACKGROUND
LDG Development, LLC (Applicant), a Kentucky limited liability company, submitted an application to the Dallas Public Facility Corporation (Corporation) for the development of the Standard at Royal Lane, a 300-unit mixed income multifamily development to be located at 2737 Royal Lane (Project). The Corporation will own the site and improvements and lease the Project back to an affiliate of Applicant. Pursuant to the Texas Public Facility Corporation Act, Chapter 303 of the Texas Local Government Code, as amended (Act), any public facility owned by a Public Facility Corporation is exempt from all ad valorem taxes. To qualify as a public facility, pursuant to the Act, a multifamily property must reserve at least 50.00% of the units for residents earning at or below 80.00% of the area median income (AMI). The Project will reserve at 40.00% of the units for residents earning at or below 80.00% AMI, 10.00% of the units for residents earning at or below 60.00% AMI, and 50.00% of the units will be market rate.
The Applicant or its affiliate will serve as the developer and guarantor of the Project. The Applicant has successfully completed over 77 multifamily properties totaling 13,673 units and is currently development two other workforce housing developments in partnership with the City and the...
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