STRATEGIC PRIORITY: Economic Development
AGENDA DATE: June 12, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize a Chapter 380 Economic Development Grant Agreement and all other necessary documents with Low Ervay, LLC and/or its affiliates ("Developer") in an amount not to exceed $1,854,995.00 payable from the Economic Development (3) Fund (2012 General Obligation Bond Funds) in consideration of the Power & Light Mixed-Income Redevelopment Project ("Project") on property to be addressed as 2220 S. Ervay Street, Dallas, Texas 75215 and to assist with the extraordinary cost of required off-site wastewater infrastructure improvements for the Project - Not to exceed $1,854,995.00 - Financing: 2012 General Obligation Bond Funds
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BACKGROUND
In September 2023, the City Council authorized the Dallas Public Facility Corporation ("PFC") to provide a 60-year tax exemption (initial term) for The Cedars Project. The Cedars Project includes two separate mixed-income multi-family developments: (1) Marcus at Cedars, a 4-story multi-family building with 76 mixed-income units; and (2) Power & Light at Cedars, a 5-story multi-family building with 310 mixed-income units. The Cedars Project will provide a total of 380 units, of which a minimum of 40% of the units shall be set aside and leased solely to those households earning a maximum of 80% of the Area Median Income (AMI) and a minimum of 10% of the units shall be set aside and leased solely to those households earning a maximum of 60% of AMI.
In the months following the City Council's approval of the PFC tax exemption for The Cedars Project, the Developer was informed that the existing off-site wastewater infrastructure in Ervay Street could not support the Power & Light portion of The Cedars Project. The existing wastewater infrastructure is between 70 and 100+ years old and onl...
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