STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: March 24, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize a Chapter 380 Economic Development Grant Agreement ("Grant Agreement") and all other necessary documents with SWC Buckner and Peavy, LLC and Vista Property Company, LLC in an amount not to exceed $1,300,000.00 in consideration for redeveloping the shopping center at 3035 North Buckner Boulevard, Dallas, Texas 75228 - Not to exceed $1,300,000.00 - Financing: ECO (I) Fund (2017 General Obligation Bond Fund) ($650,000.00) and Public/Private Partnership Fund ($650,000.00)
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BACKGROUND
On February 1, 2021, the Economic Development Committee was briefed on the proposed Grant Agreement with SWC Buckner and Peavy, LLC ("Owner") and Vista Property Company, LLC ("Developer") (collectively, "Owner/Developer") in an amount not to exceed $1.3 million to support redevelopment of the shopping center at 3035 North Buckner Boulevard (southwest corner of North Buckner Boulevard and Peavy Road) (the "Property") and the re-tenanting of the vacant anchor building with an established grocery store operator.
According to the USDA Food Access Research Atlas, the subject property is located in an area characterized as a food desert (i.e., low-income census tract where more than 100 housing units do not have a vehicle and are more than 1/2 mile from the nearest supermarket).
The subject property is 5.2 acres of land with approximately 65,000 square feet of existing shopping center buildings. The shopping center consists of a free-standing anchor building of approximately 52,500 square feet ("anchor building") and an outparcel building of approximately 12,500 square feet ("outparcel building"). The anchor building, which was originally developed as a Kroger grocery store in the late 1970s, was most recently...
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