STRATEGIC PRIORITY: Economic Development
AGENDA DATE: May 22, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize the Dallas Public Facility Corporation to (1) acquire, develop, and own Bloc House Santa Fe Trail, a mixed-income, multifamily development to be located at 4533 Willow Street (Project); and (2) enter into a seventy-five-year lease agreement with Bloc House Santa Fe Trail, LLC or its affiliate, for the development of the Project - Estimated Revenue Forgone: General Fund $23,549,377.00 for 75 years (see Fiscal Information)
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BACKGROUND
Bloc House Santa Fe Trail, LLC (Applicant), a Texas limited liability company, submitted an application to the Dallas Public Facility Corporation (DPFC) (Corporation) for the development of Bloc House Santa Fe Trail, a 92-unit mixed income multifamily development to be located at (Project). The Corporation will own the site and improvements and lease the Project back to the Applicant or its affiliate. Pursuant to the Texas Public Facility Corporation Act, Chapter 303 of the Texas Local Government Code, as amended (Act), any public facility owned by a Public Facility Corporation is exempt from all ad valorem taxes. To qualify as a public facility, pursuant to the Act, a multifamily property must reserve at least 50% of the units for residents earning at or below 80% of the Area Median Income (AMI). The Project will reserve 40% of these units at 80%-AMI and 10% of these units at 60%-AMI.
The Applicant will be a limited liability company. The LLC is a partnership between Bloc House, Madison Partners and Crimson Building Company. Each partner is Texas-based with real estate development and multifamily construction experience, as well as commercial and mixed-use projects. Their current portfolio includes five multifamily projects in Dallas totaling approxima...
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