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Grand Prairie housing finance deal will send 35% of ground-lease payments to city; dollar amount not specified
Summary
The Grand Prairie Housing Finance Corporation (HFC) will provide the city with 35% of its annual ground-lease payments for a multifamily property on Hill Street, city staff told the City Council during a public hearing and discussion.
The Grand Prairie Housing Finance Corporation (HFC) will provide the city with 35% of its annual ground-lease payments for a multifamily property on Hill Street, city staff told the City Council during a public hearing and discussion.
The HFC owns the property in fee simple while a development company, Post Hill Street LLC, owns the improvements. Julie Dozier, deputy city attorney, said the 35% payment is “in exchange for the services that the city is providing to that multifamily unit,” but she said she did not have a specific dollar figure for that share and would need to follow up.
The ma…
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