STRATEGIC PRIORITY: Growing
AGENDA DATE: March 26, 2025
COUNCIL DISTRICT(S): 11
DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
______________________________________________________________________
SUBJECT
Title
Authorize the Dallas Public Facility Corporation (DPFC) to (1) acquire, develop, and own The Humphreys, a 322 unit mixed-income, multifamily development to be located at 5339 Alpha Road, Dallas, Texas 75240 (Project); and (2) enter into a seventy-five-year lease agreement with Ethos Property Development, LLC (Applicant) or its affiliate, for the development of the Project - Estimated Revenue Forgone (75 Years of Estimated Taxes): General Fund: $127,165,063.00 (see Fiscal Information)
Body
BACKGROUND
The City of Dallas (City) is authorized by the 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, by Resolution No. 20-1035, the City Council authorized the creation of the Dallas Public Facility Corporation (Corporation) pursuant to the Act to further the public purposes stated in the Corporation's Articles of Incorporation and Bylaws, which were subsequently amended by Resolution No. 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) and the Dallas Housing Resource C...
Click here for full text