STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: September 25, 2019
COUNCIL DISTRICT(S):|910|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 in an aggregate principal amount not to exceed $30,000,000.00; proceeds of the Bonds will be loaned to Palladium Redbird, Ltd. ("PRL") to finance a portion of the cost of the acquisition of land and new construction of 300 units and related facilities for a mixed-income multifamily complex to be known as Palladium Redbird and located at 7202 South Westmoreland 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
PRL proposes to acquire land to construct 300 new units for families, which will be comprised of 129 1-bedroom, 130 2-bedroom, and 41 3-bedroom units. The Development will be located at 7202 South Westmoreland Road. The units will be dispersed equitably by bedroom size and amongst income bands throughout the proposed Development. The proposed Development will have two 4-story buildings with elevators and structured parking. Planned amenities include a clubhouse with a fitness center, business center and club room, a resort style swimming pool; a playground; pedestrian access to the Redbird Mall area, and a dog park.
On Januar...
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