Receive a report regarding the history to date of Denton City Public Facility Corporation, the powers of a Public Facility Corporation, and administrative items remaining for Denton City Public Facility Corporation to complete.

Summary

This agenda item provides a report on the Denton City Public Facility Corporation (DCPFC), detailing its history, legal powers, and remaining administrative steps before it can begin accepting development applications. The DCPFC was approved by City Council on April 16, 2024, and certified by the Texas Secretary of State on July 22, 2024. It is authorized by Chapter 303 of the Texas Local Government Code to finance public facilities, particularly affordable housing, and can issue bonds and provide tax exemptions through partnerships. Recent legislative changes (TX HB 2071) have introduced new affordability (10% at 60% AMI, 40% at 80% AMI) and transparency requirements for developments utilizing a PFC structure. Key administrative tasks remaining include considering a staff-initiated bylaws amendment to clarify the role of City Staff and allow for fee-in-lieu of taxes, adopting Policies and Procedures for application review, and then beginning to accept applications for partnerships.

Citizen Impact

The Denton City Public Facility Corporation is being established to facilitate the development of affordable housing. While this item is informational, the DCPFC's future actions will directly impact the availability and cost of housing in Denton.

Confidence

high