25-1655A
Authorize (1) the City Manager to negotiate and execute a conditional grant agreement and a development agreement with Innovan Neighborhoods, LLC and/or its affiliates ( Applicant), each approved as to form by the City Attorney, in an amount not to exceed $8,000,000.00 for the development of 6601 South Lancaster Road, a 188 single-family mixed-income homeownership housing development (Project) located at 6601 South Lancaster Road Dallas, Texas 75241 (Property); (2) conveyance of the Property to the Applicant and/or affiliate(s) subject to restrictive covenants, a right of reverter with the right of reentry and recording of all necessary documents pursuant to Texas Local Government Code Chapter 272.001(g) and applicable law and regulations; and (3) the establishment of appropriations in an amount not to exceed $1,494,276.00 in the Mixed Income Housing Development Bonus Fund - Not to exceed $8,000,000.00 - Financing: Housing and Neighborhood Infrastructure (H) (2024 General Obligation Bond Fund) ($2,880,000.00), ECO (I) (2017 General Obligation Bond Fund) ($1,000,000.00), Economic Development and Housing Development Program Fund (2012 General Obligation Bond Fund) ($1,100,000.00), Mixed Income Housing Development Bonus Fund ($1,494,276.00), and ARPA Redevelopment Fund ($1,525,724.00)
- Committee
- Department of Housing and Community Development
- Requested by
- Department of Housing and Community Development (HOU)
- Introduced
- May 7, 2025
- On agenda
- June 11, 2025
- Enactment no.
- 25-0920; APPROVED