STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: May 10, 2023
COUNCIL DISTRICT(S): 10
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize the (1) City Manager to accept conveyance of the Premises in an amount not to exceed $6,000,000.00 in the name of the City utilizing financing to be secured by Cypress Creek Forest Lane, LP (Tax Credit Partnership) including Low Income Housing Tax credits provided by Texas Department of Housing and Community Affairs (TDHCA) commercial debt, and soft debt approved by the City and secured by the Tax Credit Partnership; and (2) negotiation and execution of a lease for a term of at least five years and not longer than 39 years and development agreement with Cypress Creek Forest Lane, LP (Tenant/Tax Credit Partnership) allowing construction and operation of the project called Cypress Creek at Forest Lane Apartments located at 11520 North Central Expressway, Dallas, Texas 75243 - Estimated Revenue: $2,153,042.00 (15 years of estimated fees and lease payments)
Body
BACKGROUND
In an effort to support the Dallas Housing Policy 2033 goals and provide mixed-income affordable housing to serve the City's affordable housing public purpose, the City desires to enter into a partnership with Cypress Creek Forest Lane, LP, (Tax Credit Partnership/Tenant). The Cypress Creek Forest Lane, LP is willing to convey property to the City in consideration for the City leasing the property back to the Developer who will at their sole cost and expense to finance, develop and manage an affordable housing project, per City-approved development plans. The tract of land is approximately 2.85 acres located at 11520 North Central Expressway called Cypress Creek at Forest Lane Apartments (Property). The site was initially planned as a pure tax credit development, but due to private deed restrictions that can...
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