STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: June 23, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
______________________________________________________________________
SUBJECT
Title
Authorize the (1) sale of up to five Land Transfer lots to Women That Soar, L.L.C., and/or its affiliates (Developer) subject to restrictive covenants, a right of reverter, and execution of all necessary documents, pursuant to the City's Land Transfer Program; Estimated Revenue: General Fund $12,509.93; (2) release of lien for all non-tax City liens, notices, or orders that were filed on up to five Land Transfer lots sold to Developer prior to or subsequent to the deeds transferring the lots to the City of Dallas; and (3) execution of a development agreement with Developer for the construction of up to four single-family homes on the Land Transfer lots - Estimated Revenue Foregone: $8,930.90
Body
BACKGROUND
On May 22, 2019, City Council adopted the Land Transfer Program by Resolution No. 19-0824, as amended, for the purpose of incentivizing: (1) the development of quality, sustainable housing that is affordable to the residents of the City and (2) the development of other uses that complement the City's Comprehensive Housing Policy, economic development policy, or redevelopment policy. Specifically, the Land Transfer Program authorizes the City to sell qualifying city-owned real property and resell tax-foreclosed real property to for-profit, non-profit and/or religious organizations, as applicable, in a direct sale at less than fair market value of the land, consistent with the authorizing state statute or city ordinance. The tax foreclosed lots are being sold pursuant to 34.051 of the Texas Property Tax Code.
In June 2021, a qualified participating developer, Women That Soar, L.L.C. (WTS), submitted an application (proposal) to purchase a total of five Land Transfer lots. T...
Click here for full text