STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: January 26, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize the Dallas Public Facility Corporation to acquire, develop, and own the Mountain Creek Apartments, a mixed-income, multifamily development to be located at the intersection of Mountain Creek Parkway and Interstate 20 (Project) and enter into a seventy-five-year lease agreement with the Applicant or its affiliate for the development of the Project - Estimated Revenue Forgone: General Fund $118,575.00
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BACKGROUND
The NRP Holdings LLC (NRP) submitted an application to the Dallas Public Facility Corporation (Corporation) for the development of the Mountain Creek Apartments, a 324-unit mixed income multifamily development to be located at the intersection of (Project). The Corporation will own the site and improvements and lease the Project back to an affiliate of NRP. Pursuant to the Texas Public Facility Corporation Act, Chapter 303 of the Texas Local Government Code, as amended (Act), any public facility owned by a Public Facility Corporation is exempt from all ad valorem taxes. To qualify as a public facility, pursuant to the Act, a multifamily property must reserve at least 50.00% of the units for residents earning at or below 80.00% of the area median income (AMI). The Project will reserve 50.00% of the units for residents earning at or below 80.00% AMI and 50.00% of the units will be market rate.
NRP is the 5th largest multifamily developer and the 3rd largest multifamily general contractor in the country. Since 1994, NRP has developed over 45,000 apartment homes and currently manages over 23,000 apartment homes throughout the country. NRP is a leader in the provision of mixed-income, workforce housing using the Public Facility Corporation structure in the ...
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