To approve a Development Agreement by and between the City of Plano, Texas and Plano DMA-TSAHC Housing, LLC, a Texas limited liability corporation; and authorizing the City Manager to execute all necessary documents. Approved

The property under consideration is located on the corner of 14th Street and G Avenue (see attached map).  It has been owned by the Texas State Affordable Housing Corporation (TSAHC) for many years.  There have been several unsuccessful attempts to develop the property.  TSAHC has now successfully partnered with DMA Development Company to move forward with the mid-sized 4-story 62-unit multifamily project.

The grant funds will be used to fund public infrastructure and utility relocations, which include burying existing overhead utilities.  A full list of items is located in Exhibit C of the attached development agreement.

Funding is available for this item in the 2022-23 TIF II Fund budget.  If approved, the City will contribute $450,000 to fund public infrastructure improvements via this agreement.

Approval of this item supports the City’s Strategic Plan Critical Success Factors of Residential and Commercial Economic Vitality and Excellent, Innovative, and Accountable City Government.