CONSTRUCTIONAPPROVED

arlington-housing-authority-agenda-2024-11-22_e7a.pdf

Pershing Development Wins $1.55M Grant for Downtown Apartments

Up to $1,550,000 in reimbursement grant for public improvements; city waives all demolition, permit, impact, and tap fees for initial construction if completed by December 31, 2027Arlington Housing AuthorityPERSHING DEVELOPMENT LLCNovember 22, 2024

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Description

Arlington's TIRZ #1 Board authorized a Chapter 380 Grant Agreement with Pershing Development LLC for up to $1.55 million in reimbursements for the construction of public improvements, plus city fee waivers, supporting a new 65-unit apartment development downtown. Project completion milestones and compliance required.

Contract Details

Contract Amount

Up to $1,550,000 in reimbursement grant for public improvements; city waives all demolition, permit, impact, and tap fees for initial construction if completed by December 31, 2027

Vendor

PERSHING DEVELOPMENT LLC

Agency

Arlington Housing Authority, TX

Contract Type

CONSTRUCTION

Document Date

November 22, 2024

Contract Term

Agreement effective upon execution; Developer to complete demolition by June 30, 2026, public improvements by June 30, 2027, and overall development by December 31, 2027; term expires 8 years after completion

Renewal Date

2035-12-31

Renewal Info

Grant agreement expires 8 years after development completion or earlier if default occurs. Obligations terminate if project milestones—demolition and completion of public improvements/development—are not met by agreed dates. No automatic renewal; extension requires further board and city action.