STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: June 9, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric Anthony Johnson
____________________________________________________________________
SUBJECT
title
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, for 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 $30,000,000.00, the proceeds of such Bonds will be loaned to TX Westmoreland 2020, Ltd. 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 Westmoreland Station, located at 2700 Westmoreland Road, Dallas, Texas (Development) and a public hearing for the Bonds/Development was held on May 19, 2021, 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
body
BACKGROUND
TX Westmoreland 2020, Ltd. (Developer) proposes the DHFC or its affiliate (DHFC) acquire the site at 2700 South Westmoreland Drive and subsequently enter into a long-term lease for the Development. The Development includes construction of 248 new units. The 248 units will be dispersed equitably by bedroom size and amongst income bands throughout the development. The proposed development includes a three-story, Class "A" building with several sustainable design features including but not limited to the following: Energy Star appliances, high-efficiency heating, ventilation, and air conditioning systems, and low-flow fixtures. Additionally, all units will feature an "...
Click here for full text