Authorize an amendment to Resolution 23-0544, previously approved on April 26, 2023 authorizing the (1) Dallas Public Facility Corporation (DPFC) or its affiliate to purchase, using Community Development Block Grant (CDBG) Funds, and own property located at 9999 West Technology Boulevard, Dallas, Texas 75220 (the Property); (2) City Manager to negotiate and execute a development agreement and security instruments with the DPFC, each as approved to form by the City Attorney, and in compliance with 24 CFR 570.201(a) and (b), in an amount not to exceed $10,000,000.00 in CDBG Funds to acquire and own, and facilitate the development of a mixed-income affordable multifamily complex known as The Park at Northpoint to be located at the Property; and (3) DPFC to enter into a seventy-five-year ground lease with the LDG - The Park at Northpoint, LP and/or its affiliate, for the development of the Project at the Property - Not to exceed $10,000,000.00 - Financing: Community Development Block Grant Funds; Estimated Revenue Forgone: General Fund $178,205,551.00 for 75 years (see Fiscal Information)

CONSENT AGENDA Approved as an Individual Item Introduced May 15, 2024

What this record is

Held by: Dallas Public Facility Corporation
Amount: $10.0M
Runs until: May 15, 2029 3 years away calculated from the contract term stated in the record
Type: amendment
Field: Real estate

Read automatically from the title of the official record. The source document below is authoritative.