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
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SUBJECT
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Authorize the (1) approval of the City Council of the City of Dallas, to act as the applicable elected representative, as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended ("Code"), of the issuance of multifamily residential mortgage revenue bonds ("Bonds") issued by the City of Dallas Housing Finance Corporation ("DHFC" or "Issuer") in one or more series of tax-exempt bonds in an amount not to exceed $50,000,000.00; proceeds of the Bonds will be loaned to LDG The Ridge at Lancaster, LP to finance a portion of the cost for the acquisition of land and new construction of units for a mixed-income multifamily complex to be known as the Ridge at Lancaster and located at 5995 Crouch Road, Dallas, Texas ("Development"); a public hearing with respect to the Bonds and the Development was held on October 28, 2020, after reasonable public notice was published in a newspaper of general circulation in the City of Dallas all in compliance with Section 147(f) of the Code; and (2) approval of the bond issuance and the use of the bond proceeds by the DHFC to finance the construction of the Development - Financing: No cost consideration to the City
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BACKGROUND
LDG The Ridge at Lancaster, LP ("Developer") proposes to acquire land and construction of 300 new units to be located at 5995 Crouch Road and to be known as the Ridge at Lancaster ("Development"). The 300 units are comprised of 48 1-bedroom, 120 2-bedroom, 108 3-bedroom units, 24 4-bedroom units. The units will include energy efficient appliances, washer/dryer hookups, covered entries/patios, and other Texas Department of Housing & Community Affairs ("TDHCA")-required features. The Development will a...
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