Organizations Filed Purposes:
The organization is a Qualified Active Low-Income Community Business (QALIC B) for New Markets Tax Credit purposes. It exists to construct and hold title, collect rent and pay expenses related to leasing out a facility used as a medical center in the Frazier area of Dallas, TX.
Holding property, leasing property, collecting income, and turning over the entire amount less expenses to Frazier Revitalization, Inc. (FRI), a not for profit organization whose mission is the revitalization of a low income neighborhood in Dallas, TX.
The organization was formed in 2014 and entered into a primary lease with Frazier Revitalization, Inc., which in turn entered into a sub-lease with Dallas County Hospital District, doing business as Parkland Health & Hospital System (PHHS) for 25 years. In August, the Dallas Development Fund (DDF) awarded a $15mm NMTC allocation to Frazier Revitalization, Inc. (FRI) for the construction of a 44,378 sf medical facility in the Frazier area of Dallas, TX. The transaction closed August 2014, with the DDF and JPMorgan Chase, N.A. (Chase). As the NMTC Investor, Chase provided approximately $4.89mm In NMTC equity. Chase provided a $11.7mm term loan ("senior loan") to FRI, part of which was used to fund a $10.45mm "Leverage Loan" from FRI to Chase Investment Fund (CIF), a special purpose investment fund entity. Chase is responsible for the management of CIF. The NMTC Equity and Leverage Loan was combined to capitalize the CIF, which in turn made a Qualified Equity Investment (QEI) of $15mm into a subsidiary of DDF ("Sub-CDE"). The Organization is a Qualified Active Low-Income Community Business (QALIC B). Construction of the facility was complete in April 2015 and the facility opened in May 2015. In 2018, foot traffic at the clinic was in excess of 90,000.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| John Castle Jr | - | 2 | $0 |
| Jmcdonald Williams | Secretary | 2 | $0 |
| Richard Knight | President | 2 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/201943199349310489_public.xml