DEPARTMENT: Neighborhood & Housing Services
DEPARTMENT HEAD: Ver?nica R. Soto, AICP
COUNCIL DISTRICTS IMPACTED: Council District 8
SUBJECT: Neighborhood Improvement Bond Program - 3830 Parkdale Drive
SUMMARY:
An ordinance authorizing the acquisition of 3830 Parkdale Drive, an approximately 7.07 acre tract of vacant land for affordable/Workforce Housing for the 3830 Parkdale Drive Project from Agora Assets, LLC for an amount not to exceed $2,900,000.00; and approving a Contract for the Sale of Land for Private Redevelopment to Franklin Development Properties, Ltd. for a sales price of $30,000.00 payable to the City as program income and authoring a contribution from the City, by and through OUR SA, applicable towards eligible expenses per the Urban Renewal Plan, in an amount not-to-exceed $4,400,000.00. The foregoing represents a Neighborhood Improvement Bond Program Project funded by the 2017-2022 General Obligation Bond, located in Council District 8.
BACKGROUND INFORMATION:
The 2017-2022 Neighborhood Improvements Bond program provides for the issuance of general obligation bonds to finance the cost of permitted activities as set forth in the Urban Renewal Plan. The $20 million program is one component of the $850 million Bond package that was approved by voters on May 6, 2017. The Neighborhood Improvements Bond program allows the City to conduct the following activities using Bond funds:
* Land acquisition
* Repair and rehabilitation of buildings and other improvements
* Demolition of dilapidated/unusable structures
* Right-of-way improvements
* Extension/expansion of utilities
* Site Work
* Remediation of hazards such as asbestos or lead-based paint
* Disposition of property in the affected area
* Associated fees for the aforementioned services
Chapter 374 of the Texas Local Government Code, as amended ("Chapter 374") required the identification of specific geographic areas based on state requirements where Bond funds can be spent. Per the st...
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