STRATEGIC PRIORITY: Growing
AGENDA DATE: May 28, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize the City Manager to negotiate and execute a conditional grant agreement and security documents with Caroline Dallas Tenant, LP, an affiliate of Ojala Partners, LP (together, the Applicant) in an amount not to exceed $2,000,000.00 in 2024 General Obligation Bond Funds (Proposition H: Housing Infrastructure Bond) in consideration of The Caroline, a 344-unit mixed-income workforce development (Project) on property located at 1400 West Commerce Street, Dallas, Texas 75208 and to assist with the extraordinary cost of required on-site, off-site wastewater infrastructure, and streetscape improvements for the Project - Not to exceed $2,000,000.00 - Financing: Housing Infrastructure Bond (H) Fund (2024 General Obligation Bond Fund)
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BACKGROUND
On April 27, 2022, the City Council authorized the Dallas Public Facility Corporation (PFC) to acquire, develop, and own and provide a 75-year tax exemption for the Project. The Project will provide a total of 344 units, of which at least 176 (51%) of the 344 units shall be affordable units set aside for households earning at or below 80% of Area Median Income (AMI). Of the 176 affordable units, 19 (10%) of the 176 affordable units will be provided to households earning at or below 60% AMI, and 157 of the 176 affordable units will be provided to households earning at or below 80% AMI. A total of 168 units will remain non-income restricted market rate units.
Since the City Council's approval of the PFC tax exemption for the Project, the current waterline and wastewater lines located on West Commerce are undersized and cannot support the development of the Project nor potential redevelopments that would likely occur. The Project Improvements necessary to support the Pr...
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