STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: December 9, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
______________________________________________________________________
SUBJECT
title
Authorize (1) a second amendment to the conditional grant agreement for infrastructure construction related to the development of 116 single-family homes in West Dallas located on Singleton Boulevard with Greenleaf Ventures, LLC to (a) extend the completion date from December 31, 2020 to December 31, 2022, with two one-year extension options; and (b) lower the area median income (AMI) of 58 of the 116 units from 140% AMI to 120% AMI; and (2) execute any documents or other amendments as necessary to implement the changes, including the Deed Restrictions and Deed of Trust - Financing: No cost consideration to the City
body
BACKGROUND
On May 13, 2015, City Council authorized a conditional grant agreement with Greenleaf Ventures, LLC to pay for a portion of the infrastructure construction cost for a single-family development for at least 58 homes in West Dallas located on Singleton Boulevard in an amount not to exceed $1,275,000.00, by Resolution No. 15-0862. The 2012 General Obligation Bond Funds were used for the development of 58 single-family homes to be sold to households at or below 140 percent of Area Median Family Income, on vacant land located in West Dallas on Singleton Boulevard. The overall development requires a total of 116 homes to be constructed.
In June 2018, Greenleaf Ventures, LLC, the developer, was granted an extension to the conditional grant agreement from October 30, 2017 to December 30, 2020, by Resolution No. 18-0832. The agreement was for infrastructure costs associated with the development of the lots to sell to a builder for the construction of the homes. Greenleaf Ventures, LLC is working with private developers to build homes in the subdivision. ...
Click here for full text