STRATEGIC PRIORITY: Growing
AGENDA DATE: May 28, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize amendment of the tax increment financing ("TIF") development agreement ("Agreement") previously authorized by the City Council on September 23, 2020 by Resolution No. 20-1480 between the City of Dallas ("City") and Villas at WH 20, LP and its affiliate Villas Development Corporation (collectively, "Owner/Developer") and the associated deed restrictions recorded on February 28, 2024 under Clerk's File No. 202400040173 ("Deed Restrictions") to (1) allow the City to subordinate the Deed Restrictions to the lien of a permanent financing loan to be between Fannie Mae ("Lender") and Owner/Developer; and in consideration; and (2) accept the execution of a limited recapture guaranty ("Recapture Guaranty") by Villas at WH 20, LP and Villas at WH 20 GP, LLC, approved as to form by the City Attorney in favor of the City, to facilitate the permanent financing loan to be provided by Fannie Mae for the mixed-income apartment development commonly known as Mariposa at Western Heights, formerly known as the Villas at Western Heights ("Project"), addressed as 1641 North Windomere in Tax Increment Reinvestment Zone Number Fifteen ("Fort Worth Avenue TIF District") - Financing: No cost consideration to the City
Body
BACKGROUND
On September 23, 2020, by Resolution No. 20-1480, the City Council authorized the Agreement and an amount not to exceed $7,678,874.00 ("TIF Subsidy") from the Fort Worth Avenue TIF District to support the development of a new $31 million 130-unit senior mixed-income multi-family residential project at 1641 North. Windomere. The project was developed as a 9% Low Income Housing Tax Credit ("LIHTC") project.
Eighty percent of the units (104 units) are income-restricted and set aside for senior households earning at/be...
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