STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: April 26, 2023
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 Larkspur Fair Park, a mixed-income, multifamily development to be located at 3525 Ash Lane (Project) and enter into a seventy-five-year lease agreement with Fair Park Holdings, LP, or its affiliate, for the development of the Project - Estimated Revenue Foregone: General Fund $361,038.00 (15 Years of Estimated Taxes)
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BACKGROUND
Fair Park Holdings, LP (Applicant), a Delaware limited liability company, submitted an application to the Dallas Public Facility Corporation (Corporation) for the development of Larkspur Fair Park, a 290-unit mixed income multifamily development to be located at 3525 Ash Lane (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 50% of the units for residents earning less than 80% AMI and 50% of the units will be market rate.
The Applicant will be a limited liability company owned by Larkspur Capital. Larkspur Capital is a Texas-based real estate development and construction company that is actively developing a portfolio of multifamily properties. Their current portfolio includes eight multifamily projects around the Dallas area. In addition to their multifamily ventures, Larkspur Cap...
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