STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: May 27, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
Title
Authorize (1) the sale of up to 17 Land Transfer lots, for up to 35 rental units, identified as Bonton Land Transfer cluster 2, to Notre Dame Place, Inc. and/or its affiliates (Developer), subject to restrictive covenants, a right of reverter, pursuant to the City's Land Transfer Program and the New Construction and Substantial Rehabilitation Program; (2) the release of all non-tax City liens, notices, or orders that were filed on the 17 Land Transfer lots prior or subsequent to the deeds transferring the lots to the City of Dallas; and (3) execution of a conditional grant agreement with Developer in an amount not to exceed $730,072.00 in 2017 General Obligation Bond Funds for public infrastructure and construction costs for up to 35 rental units, approved as to form by the City Attorney, an "affiliate" shall be an individual or entity that is either a parent company to the Developer or a subsidiary of the Developer - Not to exceed $730,072.00 - Financing: ECO (I) Fund (2017 General Obligation Bond Fund)
Body
BACKGROUND
The Department of Housing and Neighborhood Revitalization (Housing) administers two related programs under the Comprehensive Housing Policy (CHP) that seek to appropriately incentivize private investment for the development of quality, sustainable housing that is affordable to the residents of the City: (1) the New Construction and Substantial Rehabilitation Program, which seeks to provide financial assistance to new developments or substantial rehabilitation developments, where such assistance is necessary; and (2) the Land Transfer Program, which allows Housing to sell qualifying City-owned real property and resell tax-foreclosed real property to for-profit, n...
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