STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: June 9, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize execution of a development agreement and all other necessary documents with Gateway Oak Cliff, LP and/or its affiliates in an amount not to exceed $4,245,432.00, payable from Oak Cliff Gateway TIF District Funds, in consideration of the Gateway Oak Cliff Mixed-Income Development Project on property currently addressed at 400 South Beckley Avenue in Tax Increment Financing Reinvestment Zone Number Three (Oak Cliff Gateway TIF District) - Not to exceed $4,245,432.00 - Financing: Oak Cliff Gateway TIF District Fund (subject to annual appropriations from tax increments)
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BACKGROUND
The Gateway Oak Cliff Mixed-Income ("Project") is located on a 3-acre site at 400 South Beckley Avenue, Dallas, Texas 75203. The site is currently occupied by the Dallas County Government Center (Oak Cliff Sub-Courthouse). Dallas County will be moving the operations at this facility to a new facility currently under construction at 702 East Jefferson Boulevard, Dallas, Texas 75203.
The Project will include a total of 230 residential units, including 32 efficiency units, 101 one-bedroom units, 71 two-bedroom units and 26 three-bedroom units.
The total Project cost is estimated at $45,968,851.00, including a new four-story building wrapped around a central parking garage and interior courtyards along with a clubhouse, pool, playground, and other amenities.
The Project financing includes 4% Low Income Housing Tax Credits ("LIHTC") that will commit the Gateway Oak Cliff, LP ("Developer") to providing 80% of the units for households earning a maximum of 60% Area Median Income ("AMI").
The Project was reviewed by the City's Urban Design Peer Review Panel ("Panel") on June 26, 2020, and the Developer made changes ...
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