STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: September 28, 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 (1) the sale of City owned property located at 4515 South Lancaster Road to the Dallas Public Facility Corporation (DPFC), pursuant to the Texas Local Government Code section 272.001(g), for the development of low and moderate income housing; and (2) a development agreement between the DPFC and Lavoro Acquisitions, LLC, under which the City will be a third party beneficiary entitled to the rights and benefits established by the development agreement as if it were a party thereto, for the development of Trove Valor, an approximately 332-unit, mixed-income multifamily development to be located at 4515 South Lancaster Road - Estimated Revenue: General Fund $44,032.95
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BACKGROUND
This item authorizes, (1) the sale of City owned property located at 4515 South Lancaster Road to the Dallas Public Facility Corporation (DPFC), pursuant to the Texas Local Government Code section 272.001(g), for the development of low and moderate income housing; and (2) a development agreement between the DPFC and Lavoro Acquisitions, LLC (Lavoro), subject to the terms outlined in the attached term sheet (Exhibit A), under which the City will be a third party beneficiary entitled to the rights and benefits established by the development agreement as if it were a party thereto, for the development of Trove Valor, an approximately 332-unit, mixed-income multifamily development to be located at 4515 South Lancaster Road (Project). Lavoro was one of the selected respondents to the City's 1,000-Unit Affordable Housing Challenge Request for Proposals to activate vacant, publicly owned land near DART Rail Stations. City Council authorized a Right of Entry for the project site with Lavoro on May 2...
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