STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: November 10, 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 amended and restated conditional loan agreement (Agreement) with South Dallas/Fair Park Innercity Community Development Corporation for the Spring Avenue project to (1) extend the term of Agreement date to December 31, 2024 to complete construction and sale of eight townhomes and the associated parking; (2) allow for the City of Dallas to demolish the building at 4850 Brashear Street; (3) authorize the City to convey the property at 4850 Brashear Street to ICDC pursuant to Section 253.011 of the Local Government Code; (4) require ICDC to construct eight single family townhomes, on lots owned by ICDC, and sell the townhomes to families earning up to 140 percent of the area median income, for which ICDC will obtain forgiveness upon completion and sale of each property to a qualified homebuyer; (5) require a five year affordability period; and (6) authorize the execution of deed restrictions, and amended and restated deed of trust and note - Financing: No cost consideration to the City
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BACKGROUND
South Dallas/Fair Park Innercity Community Development Corporation (ICDC) executed an Agreement with the City for the acquisition of improved and unimproved properties, associated relocation costs, and demolition within the Frazier Neighborhood Investment Program area to support residential and mixed-use redevelopment on September 2, 2008, by City Council Resolution No. 08-0595 approved on February 20, 2008 (Project). City Council approved various amendments to the authorizing resolution between 2009 and 2013. The commercial portion of the Project received a Certificate of Occupancy, on March 12, 2014, and is currently operating as a medical center, as further detai...
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