STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: December 14, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize the Dallas Public Facility Corporation to acquire, develop, and own The Legacy at White Rock, a mixed-income, multifamily development to be located at the 2825 North Buckner Boulevard (Project) and enter into a seventy-five-year lease agreement with LDG Development, LLC or its affiliate for the development of the Project - Estimated Revenue Foregone: General Fund $42,331.00 (15 Years of Estimated Taxes)
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BACKGROUND
LDG Development, LLC (Applicant) submitted an application to the Dallas Public Facility Corporation (Corporation) for the development of The Legacy at White Rock, a 212-unit mixed income multifamily development to be located at 2825 North Buckner Boulevard (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 the units for residents earning less than 80% AMI, 10% of the units for residents earning less than 60% AMI, and 50% of the units will be market rate.
The Applicant will be a limited liability company owned by LDG Development, LLC (LDG). The Applicant has successfully completed over 77 multifamily properties totaling 13,673 units and is currently developing two other workforce housing developments in partnership with the City and the Dallas Housing Fin...
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