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Grand Prairie approves payment agreements with Housing Finance Corporation for Prairie Gate phases 1 and 2
Summary
The City approved two payment agreements with the Grand Prairie Housing Finance Corporation tied to the Prairie Gate apartment development: a 35% share of management/tax administration fees for phase 1 and a 35% share of an annual ground lease payment for phase 2.
The Grand Prairie City Council approved two payment agreements Monday with the Grand Prairie Housing Finance Corporation (HFC) connected to the Prairie Gate apartment development.
Under the phase 1 agreement, the HFC — which is the managing member under the developer's arrangement for that property — will remit 35% of the annual management fee and 35% of the annual tax-administration fee to the city. City staff said the management fee for the first year is $10,000 and will increase 3%…
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