STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: September 14, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize the Dallas Public Facility Corporation to acquire, develop, and own Jefferson University Hills, a mixed-income, multifamily development to be located at the Northwest Corner of University Hills Boulevard and East Camp Wisdom Road (Project) and enter into a seventy-five-year lease agreement with JPI Companies or its affiliate for the development of the Project - Estimated Revenue Forgone: General Funds $72,768.00 (15 Years of Estimated Taxes)
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BACKGROUND
JPI Companies (Applicant) submitted an application to the Dallas Public Facility Corporation (Corporation) for the development of Jefferson University Hills, a 400-unit mixed income multifamily development to be located at the northwest corner of University Hills Boulevard and East Camp Wisdom 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% of the units for residents earning at or below 80% of the area median income (AMI). Jefferson University Hills will reserve 40% of the units for residents earning less than 80% AMI and 10% of the units will be reserved for residents earning less than 60% AMI. The other 50% of the units will be non-income restricted.
The Applicant will be a limited liability company owned by JPI Companies (JPI). JPI, a corporation authorized to do business in Texas, is a real estate development firm ...
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