STRATEGIC PRIORITY: Growing
AGENDA DATE: April 23, 2025
COUNCIL DISTRICT(S): 13
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 5550 LBJ, a mixed-income multifamily development to be located at 5550 Lyndon B. Johnson Freeway, Dallas, Texas 75240 (Project); and (2) enter into a seventy-five-year lease agreement with High Street Residential, Inc. or its affiliate, for the development of the Project - Estimated Revenue Forgone: General Fund: $170,331,504.00 (see Fiscal Information)
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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 the City Council authorized the creation of the Dallas Public Facility Corporation (DPFC) pursuant to the Act to further the public purposes stated in the DPFC's Articles of Incorporation and Bylaws Resolution No. 20-1035, which were subsequently amended by Resolution No. 22-1194 (Bylaws). Section 6.2 of the DPFC'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 DPFC shall not proceed unless (1) the development of the public facility could not be feasible but for the DPFC's participation, and (2) the development of the public facility is in furtherance of the City of Dallas' Housing Policy 2033 (DHP33) and the Dallas Housing Resource Catalog (DHRC).
High Street Residential, Inc. (Applicant), a Delaware corporation authorized t...
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