STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: September 22, 2021
COUNCIL DISTRICT(S): All
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize an amendment to the repayable loan agreement and security documents with Central Dallas Community Development Corporation for the CityWalk at Akard Project at 511 North Akard Street to extend the loan term from December 2030 to June 30, 2032, to comply with the terms of refinancing - Financing: No cost consideration to the City
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BACKGROUND
In 2006, the City of Dallas provided financial support for the CityWalk at Akard Project with $750,000.00 in Community Development Block Grant Funds for the acquisition of the building and $1,500,000.00 toward the development of 50 homeless units. The project was completed in 2011. In order to move from interim to permanent financing, Central Dallas Community Development Corporation (CDC) requested that the City of Dallas extend the term of the agreement from December 31, 2030 to June 30, 2032. CDC is seeking refinancing to make repairs and improvements to the property and provide new equipment in the training and workout centers.
The property is currently 95 percent occupied with 200 units for individuals experiencing homelessness. The units consist of 177 permanent and 23 transitional housing units. The property also includes an onsite fitness center, library, lounge area, community garden and counseling center. The property is located near the Dart Rail Station.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On March 8, 2006, City Council authorized the pre-application waiver for the Project by Resolution No. 06-0871.
On March 28, 2006, City Council authorized a $750,000.00 loan to Central Dallas Community Development Corporation by Resolution No. 06-0963.
On September 27, 2006, City Council authorized amend...
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