STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: September 25, 2019
COUNCIL DISTRICT(S): 9
DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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Authorize approval of the City Council of the City of Dallas, acting as the applicable elected representative as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended ("Code"), of the issuance of multifamily residential revenue bonds ("Bonds") to be issued by the City of Dallas Housing Finance Corporation ("Issuer" or "DHFC") in one or more series of tax-exempt bonds in an aggregate principal amount not to exceed $25,000,000.00; proceeds of the Bonds will be loaned to TX Casa View 2018, Ltd. ("TCV") to finance a portion of the cost of the acquisition of land, rehabilitation of existing units, and new construction of units and related facilities for a mixed-income multifamily complex for seniors to be known as the Estates of Shiloh and located at 2649 Centerville Road, Dallas, Texas ("Development"); a public hearing with respect to the Bonds and the Development was held on September 10, 2019, after reasonable public notice was published in a newspaper of general circulation in the City of Dallas all in compliance with Section 147(f) of the Code - Financing: No cost consideration to the City
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BACKGROUND
TCV proposes to acquire land located at 2649 Centerville Road, a portion of which has existing improvements. The Development includes rehabilitation of all 40 existing units and construction of 224 new units for seniors to be located at 2649 Centerville Road and to be known as the Estates at Shiloh. The 264 units will be dispersed equitably by bedroom size and amongst income bands throughout the Development. The proposed Development will have 4-three story buildings with ventilated corridors and accessible elevators. Planned amenities include renovation of the existing 9,...
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