STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: September 23, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize (1) execution of a development agreement and all other necessary documents with Villas at WH 20, LP ("Developer") and/or its affiliates in an amount not to exceed $7,678,874.00, payable from current and future Fort Worth Avenue TIF District Funds, in consideration of The Villas at Western Heights Mixed-Income Project on property currently addressed at 1515 Fort Worth Avenue in Tax Increment Financing Reinvestment Zone Number Fifteen (Fort Worth Avenue TIF District); and (2) an increase in appropriations in an amount not to exceed $7,678,874.00 in the Fort Worth Avenue TIF District Fund - Not to exceed $7,678,874.00 - Financing: Fort Worth Avenue TIF District Fund (subject to current and future appropriations from tax increments)
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BACKGROUND
The Developer submitted an incentive application to the City of Dallas Office of Economic Development seeking assistance for the development of a mixed-income 9% Low Income Housing Tax Credit ("LIHTC") project. Located on 3.865 acres at 1515 Fort Worth Avenue and 1418 Castle Street (referred to throughout as 1515 Fort Worth Avenue), the Project is proposed to consist of 130 residential units for elderly households, including 88 one-bedroom and 42 two-bedroom units with 104 income-restricted units and 26 market rate units.
Of the 104 income-restricted units, 11 units are to be leased solely to households earning a maximum of 30% Area Median Family Income ("AMFI"), 42 units are to be leased solely to households earning a maximum of 50% AMFI, and 51 units are to be leased solely to households earning a maximum of 60% AMFI.
The Project is proposed to consist of one main 3-story building with an amenity center and one 2-story building along N. ...
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