Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Project Closing Update topic
No spam. Unsubscribe anytime.
Staff: taxes paid on Northpointe project; closing expected once title documents processed
Summary
City staff told the Dallas PFC the outstanding taxes on the Northpointe project were paid and that developer reimbursement of security and maintenance costs will be handled at closing. Board asked to receive settlement statement and invoice spreadsheet before closing.
City staff told the Dallas Public Facility Corporation on June 24 that outstanding tax liabilities for the park at Northpointe project (listed at 9999 Technology Boulevard) have been paid, clearing a final administrative hurdle to closing from the PFC’s perspective.
Staff reported they had received a payment from the developer for late assessments that dated to the prior closing period and that the developer expects to close with construction financing shortly. "They have paid the taxes that are due, which is the last step on getting this project open online," staff said during the meeting.
Staff also said the developer will reimburse the PFC for security, boarding, cleanup, mowing and signage the PFC incurred during the project’s vacancy; those costs have been logged in a spreadsheet and will be submitted to the title company for disbursement at closing. Board members asked that the settlement statement and the supporting invoice spreadsheet be provided to the board before the July meeting for transparency; staff agreed.
Staff gave an estimate of the PFC’s cumulative security and related costs in the neighborhood of "about $200,000," and said that the exact figures will be finalized in the settlement package. The developer’s representative confirmed the expectation that the developer will reimburse recorded expenses on closing.
No formal action was taken; this was an informational update. Staff will circulate the settlement statement and supporting invoices to the board and to the title company before closing and expect to return with a final closing report when the transaction is complete.
