City of Victoria Awards Facilities Contract to Rbm Living Llc (August 2026)

The Victoria Public Facility Corporation approved a Memorandum of Understanding with RBM Living, LLC to develop the 220-unit Ben Jordan Apartments, an income-restricted multifamily project in Victoria, Texas. The agreement structures public ownership through a 75-year ground lease, outlines financing and partnership roles, and targets long-term ad valorem tax exemption to support affordable rents.

Scope & details

The full contract record, as filed.

Contract type

FACILITIES

Contract term

MOU effective August 28, 2026; financing to close within 2 years with one optional 2-year extension; lease term 75 years; initial tax exemption period up to 60 years with potential 60-year extension

Renewal date

2030-08-28

Renewal

MOU terminates if loan and equity financing do not close within 2 years of execution, subject to one 2-year extension at Developer’s written request, or upon various other conditions including mutual consent or board disapproval; lease includes a 75-year term with tenant early termination option after approximately 40 years; ad valorem tax exemption initially for up to 60 years with provision to seek an additional 60-year extension.

Document type

AgendaPacket

Source document

Victoria Public Facility Corporation AgendaPacket Meeting 2026-08-28

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Victoria Housing Finance Corporation Meeting Agenda January 2026

APPROVED

City of Victoria, TexasJan 23, 2026

victoria_housing_finance_corporation_meeting_agend.pdf

APPROVED

City of Victoria, TexasAug 29, 2025

victoria_housing_finance_corporation_board_meeting.pdf

PENDING

Victoria MPO, TexasAug 29, 2025

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by City of Victoria?

Rbm Living Llc was awarded this facilities contract by City of Victoria, as recorded on August 28, 2026.

What type of contract is this?

This is a Facilities contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in Victoria Public Facility Corporation AgendaPacket Meeting 2026-08-28 (AgendaPacket), dated August 28, 2026 from City of Victoria. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Rbm Living Llc hold?

Rbm Living Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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