STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: June 14, 2023
COUNCIL DISTRICT(S): 10
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize the City Manager to negotiate and execute a ground lease for a term of thirty-nine years with Cypress Creek Forest Lane, LP (Tax Credit Partnership/Tenant), approved as to form by the City Attorney, allowing the construction and operation of Cypress Creek at Forest Lane Apartments located at 11520 North Central Expressway, Dallas, Texas 75243; the lease will be prepared once lenders for the Project are identified and will include commercially reasonable provisions agreed to by the parties and approved as to form by the City Attorney - Estimated Revenue: Lease Revenues Fund $2,153,042.00 (15 years of estimated fees and lease payments)
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BACKGROUND
In December 2020, Sycamore Strategies, LLC., or its affiliates (Applicant) submitted a Request for Applications (RFA) for a Resolution of No Objection/Resolution of Support for Housing Tax Credit Developments for 2021 9% Competitive Housing Tax Credits (HTC) for the development of Cypress Creek at Forest Lane Apartments (interchangeably "Project" or "Premises"), a ground-up development mixed-income multifamily complex located at 11520 North Central Expressway, Dallas, TX 75243. Anthem Interests, LLC (Anthem), an affiliate of applicant, executed a purchase contract with Parula Partners LP, the current property owner.
The Project qualified to receive a staff recommendation for a resolution of support as a priority housing need development, located in a census tract with a poverty rate less than 20% (Census Tract 48113007805) and met the required application thresholds. The Project will be constructed as a four-story midrise product with a wrapped parking structure and will include 189 residential units. The unit mix will consist...
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