STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: June 22, 2022
COUNCIL DISTRICT(S): 9
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
title
Authorize the Dallas Public Facility Corporation to acquire, develop, and own Standard Shoreline, a mixed-income, multifamily development to be located at 10715 Garland Road (Project) and enter into a seventy-five-year lease agreement with OP Acquisitions, LLC or its affiliate for the development of the Project - Financing: No cost consideration to the City title
body
BACKGROUND
OP Acquisitions, LLC (Applicant), a Texas limited liability company, submitted an application to the Dallas Public Facility Corporation (Corporation) for the development of the Standard Shoreline, a 300-unit mixed income multifamily development to be located at 10715 Garland Road (Project). The Corporation will own the site and improvements and lease the Project back to the Applicant or its affiliate. 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 a minimum of 51.00% of the units for residents earning at or below 80.00% AMI and 49.00% of the units will be market rate.
The Applicant will be a limited liability company owned by Ojala Partners, LP (Ojala). Ojala, a limited partnership authorized to do business in Texas, is a real estate development firm that specializes in mixed-income and workforce multifamily projects throughout Texas. Ojala has completed 17 mixed-income developments totaling almost 5,000 units using the Public ...
Click here for full text