STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: April 8, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
Title
Authorize (1) approval of the development plan as described in Exhibit A for the construction of eight affordable houses by Open Mindframe Ventures, LLC. (Developer); (2) the sale of eight vacant lots as described in Exhibit A from the Dallas Housing Acquisition and Development Corporation (DHADC) to Developer, subject to restrictive covenants and a right of reverter and execution of all necessary documents; and (3) execution of a release of lien for any non-tax City liens that were filed on the eight vacant lots prior to the Sherriff's deeds transferring the lots to DHADC - Estimated Revenue Foregone: $135,481.36
Body
BACKGROUND
On June 18, 2003, Governor Rick Perry signed the Urban Land Bank Demonstration Program Act. The Act allows the governing body of a municipality to adopt an Urban Land Bank Demonstration Program in which the officer charged with selling real property ordered sold pursuant to foreclosure of a tax lien may sell certain eligible real property by private sale to a land bank for the purpose of affordable housing development. On January 28, 2004, City Council designated the DHADC as its land bank for the purpose of acquiring, holding, and transferring unimproved real property under Subtitle A, Title 12, Local Government Code, Chapter 379C by Resolution No. 04-0458.
In November 2019, Developer submitted a proposal to purchase eight vacant lots from the DHADC. City staff evaluated the proposal pursuant to the standards set forth in the land bank application, which included determining whether Developer met the eligibility standards to be deemed a "Qualified Participating Developer" under Chapter 379C and underwriting the proposal. City staff scored the propos...
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