STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 27, 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 Sadler Circle Senior Apartments LLC and/or its affiliates in an amount not to exceed $4,438,154.00, payable from Maple/Mockingbird TIF District Funds, in consideration of the Oaklawn Place Project, a senior multi-family development on approximately 1.8 acres of property currently addressed at 5717-5725 Sadler Circle in Tax Increment Financing Reinvestment Zone Number Eighteen (Maple/Mockingbird TIF District) - Not to exceed $4,438,154.00 - Financing: Maple/Mockingbird TIF District Fund (subject to annual appropriations from tax increments)
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BACKGROUND
The Oaklawn Place Project ("Project") is proposed to be located on approximately 1.8 acres of property currently addressed at 5717-5725 Sadler Circle. The current site consists of an undeveloped tract, boat and vehicle storage, a one-story residence, and a vacant one-story office building.
Sadler Circle Senior Apartments LLC ("Developer") is an entity including the Resource Center of Dallas, Inc., Matthews Southwest, and Renaissance Neighborhood Development Corporation.
The Project will include the development of 84 income-restricted multi-family units, including 79 one-bedroom units and 5 two-bedroom units. The total Project cost is estimated at $24,116,922.00, including a new six-story building with a large outdoor terrace overlooking a creek as well as dynamic views of downtown Dallas from the upper levels. Other amenities include a lobby, management and leasing office, community room, mail room, conference/dining room, kitchen, fitness room, and a business center
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The Project's financing includes 9% Low Income Housing Tax Credits ("LIHTC") that will co...
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