STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 23, 2019
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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Authorize a third amendment to Resolution No. 19-0385, previously approved on February 27, 2019, as amended, with Palladium Redbird, Ltd. for a mixed-income multifamily residential development to be located at the intersection of West Camp Wisdom Road and 7202 South Westmoreland Road site of the former Red Bird Mall/Southwest Center Mall to (1) clarify that the loan shall be a nonrecourse loan; and (2) limit the City's remedies to foreclosure only - Financing: No cost consideration to the City
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BACKGROUND
On February 27, 2019, City Council authorized a development loan and conditional grant agreement with Palladium Redbird, Ltd. (Borrower) to construct a new, 300-unit development with structured parking for approximately 450 spaces at the site of the former Red Bird/Southwest Center Mall. The development will include two 4-story residential buildings with elevators and, in addition to structured parking, planned amenities include a clubhouse with a fitness center, a business center, a club room, resort-style swimming pool, playground, pedestrian access to the Redbird Mall Area, and a dog park. Palladium Red Bird, Ltd. is an affiliate of Palladium USA International, Inc. who will serve as the co-developer for the Development along with the City of Dallas Housing Finance Corporation ("DHFC").
On September 25, 2019, City Council authorized a second amendment to Resolution No. 19-0385 to remove the permanent repayment guaranty requirement of Palladium USA, Inc. (Guarantor) and add to the requirement that the City only be added as an additional obligee on the payment and performance bonds furnished by Palladium Redbird, Ltd. to its senior construction lender, if allowed by the permanent lender. T...
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