STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: September 22, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
______________________________________________________________________
SUBJECT
title
Authorize (1) the transfer of improved property located at 5210 Bexar Street ("Property") to H.I.S. BridgeBuilders subject to restrictive covenants, a right to revert, and execution of all necessary documents, pursuant to Section 253.011 of the Texas Local Government Code ("Code"); and (2) execution of an agreement pursuant to the Code to ensure that the Property is used in a manner that primarily promotes a public purpose of the City - Financing: No cost consideration to the City
body
BACKGROUND
In 2008, the City of Dallas Housing and Neighborhood Revitalization Department (Housing) entered into a loan agreement with Kaminski Holdings, Inc., a for-profit developer, to develop a mixed-use property at 5210 Bexar Street in Council District 7. Housing provided financial support for the project with $527,941.00 in HOME Investment Partnership funds, $667,059.00 in Community Development Block Grant (CDBG) Funds and $31,500.00 in General Obligation (GO) Bond Funds. In 2011, the building was completed and occupied with seven rental units and five store front office spaces.
In 2019, Housing received notice of acceleration on a tax lien from a third-party tax lender that placed the existing agreement in default with the City. After several failed attempts to remedy the default with Kaminski Holdings, Inc., on September 1, 2020 the City foreclosed on Property and secured the property. On October 15, 2020, a one-year property management agreement with East Dallas Community Organization was executed while a Request for Applicants (RFA) was developed to provide the City with options for disposition of the property, including possible conveyance of the property to a qualified non-pro...
Click here for full text