STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: December 11, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize the Dallas Public Facility Corporation to (1) acquire, develop, and own the Burnett Lofts, a mixed-income, multifamily development to be located at 512 North Ewing Avenue, Dallas Texas 75203 and 801 North Lancaster Avenue, Dallas, Texas 75203; and (2) enter into a seventy-five-year lease agreement with Savoy Equity Partners, LLC or its affiliate, for the development of the Project - Estimated Revenue Forgone: General Fund: $50,583,880.60 (see Fiscal Information)
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BACKGROUND
The City is authorized by the Texas Public Facility Corporation Act, Chapter 303 of the Texas Local Government Code, as amended (the Act) to create a Public Facility Corporation for the purposes established in the Act, including the financing, acquisition, construction, and leasing of public facilities under the Act. On June 24, 2020, the City Council authorized the creation of the Corporation to further the public purposes stated in the Corporation's articles of incorporation and bylaws pursuant to the Act by Resolution No. 20-1035, which were subsequently amended by Resolution 22-1194 (bylaws). Section 6.2 of the Corporation's bylaws requires City Council approval by written resolution prior to entering into any agreement that would result in a property tax exemption. Per Section 7.3 of the bylaws, any public facility related to multifamily residential development of the Corporation shall not proceed unless (1) the development of the public facility could not be feasible but for the Corporation's participation, and (2) the development of the public facility is in furtherance of the City of Dallas' Dallas Housing Policy 2033 (DHP33).
Savoy Equity Partners, LLC (Applicant), a Texas limited liability ...
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