Agenda Item Description
A public hearing to receive comments regarding an application by Palladium Redbird, Ltd. (PRL) to the Texas Department of Housing and Community Affairs (TDHCA) for 2019 4% Non-Competitive Housing Tax Credits for Palladium Redbird located at the intersection of West Camp Wisdom Road and South Westmoreland Road site of the former Red Bird Mall/Southwest Center Mall; and at the close of the public hearing (1) authorize a Resolution of No Objection for PRL or its affiliate, related to its application to TDHCA for the acquisition and new construction of improvements to be known as the Palladium Redbird; and (2) conditioned upon PRL receiving a 2019 4% Housing Tax Credit award and upon City Council?s final adoption of the Community Development Block Grant (CDBG) Reprogramming Budget No. 1 on April 10, 2019, authorize (a) a development loan agreement in an amount not to exceed $6,271,576.00 (comprised of $2,696,300.00 in Community Development Block Grant Funds and $3,575,276.00 of HOME Investment Partnerships Program Funds) with PRL or an affiliate thereof; (b) a conditional grant agreement in an amount not to exceed $2,028,424.00 in 2012 General Obligation Bond Funds with a nonprofit entity; and (c) the City of Dallas Housing Finance Corporation to purchase and own the land, enter into a long-term ground lease with PRL, and take an ownership interest in PRL for the development of a mixed-income multifamily complex located at the intersection of West Camp Wisdom Road and South Westmoreland Road, site of the former Red Bird Mall/Southwest Center Mall - Total not to exceed $8,300,000.00 - Financing: 2012 General Obligation Bond Funds ($2,028,424.00), HOME Investment Partnerships Program Funds ($3,575,276.00), and Community Development Block Grant Funds ($2,696,300.00)