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Legislation Details
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File #:
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24-3648
Version:
1
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Name:
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Type:
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BRIEFING MEMORANDUM
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Status:
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Agenda Ready
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On agenda:
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12/2/2024
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Final action:
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Title:
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Upcoming Agenda Item: Authorize amendments to Resolution No. 22-1008 previously approved on June 22, 2022 authorizing a development agreement ("Agreement") and all other necessary documents, upon approval as to form by the City Attorney, with I-20 Lancaster Development, LLC and/or its affiliates ("Developer"), related to the University Hills Phase I catalyst project ("Project") on property generally bounded by Interstate Highway 20 (Lyndon B. Johnson Freeway), Lancaster Road, and the DART rail line to: (1) increase the City Subsidy by $1,750,000.00 from an amount not to exceed $34,210,966.00 to an amount not to exceed $35,960,966.00 by increasing the economic development grant payable from the City's Public/Private Partnership Fund ("PPP Grant") by $1,750,000.00 from an amount not to exceed $2,800,000.00 to an amount not to exceed $4,550,000.00, (2) extend various material dates and deadlines, (3) transfer an amount not to exceed $1,750,000.00 from the Dallas Water Utilities ARPA Redev...
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Attachments:
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1. Memorandum
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title
Upcoming Agenda Item: Authorize amendments to Resolution No. 22-1008 previously approved on June 22, 2022 authorizing a development agreement (“Agreement”) and all other necessary documents, upon approval as to form by the City Attorney, with I-20 Lancaster Development, LLC and/or its affiliates ("Developer"), related to the University Hills Phase I catalyst project (“Project”) on property generally bounded by Interstate Highway 20 (Lyndon B. Johnson Freeway), Lancaster Road, and the DART rail line to: (1) increase the City Subsidy by $1,750,000.00 from an amount not to exceed $34,210,966.00 to an amount not to exceed $35,960,966.00 by increasing the economic development grant payable from the City’s Public/Private Partnership Fund (“PPP Grant”) by $1,750,000.00 from an amount not to exceed $2,800,000.00 to an amount not to exceed $4,550,000.00, (2) extend various material dates and deadlines, (3) transfer an amount not to exceed $1,750,000.00 from the Dallas Water Utilities ARPA Redevelopment Fund to the Public/Private Partnership Fund, and (4) make other corresponding modifications, and, in consideration, (5) increase the Developer's minimum investment requirement by $2,000,000.00 from $60,000,000.00 to $62,000,000.00, (6) amend the Minimum Vertical Requirements to require the Developer to prepare and sell an additional 50 sites to third-party builders for the construction of single-family homes, and (7) amend the Minimum Vertical Requirements to require the Developer to construct a community amenity center with a pool (City Council District 8) [Robin Bentley, Assistant City Manager (I); Kevin Spath, Director (I), Office of Economic Development]
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