PILLAR: Growing
AGENDA DATE: November 10, 2026
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
PRIORITY: Targeted Economic Growth
______________________________________________________________________
SUBJECT
Title
Authorize an amendment to the South Dallas/Fair Park Opportunity Fund Chapter 380 Economic Development Loan Agreement and related documents, including the Deed of Trust and Promissory Note, between the City of Dallas and Southfair Community Development Corporation as authorized by City Council on November 13, 2024, by Resolution No. 24-1648 regarding the Malcolm’s Point Retail Project to: (1) extend the amortization period by five years (from 25 to 30 years) and allow for an additional year of interest-only payments according to the revised amortization schedule attached as Exhibit A; (2) subordinate the City’s senior lien position to Texas Mezzanine Fund; and, as consideration, (3) increase Southfair Community Development Corporation’s minimum investment requirement by $50,000.00 (from $1,650,000.00 to $1,700,000.00), in accordance with the City’s Economic Development Incentive Policy and the South Dallas/Fair Park Opportunity Fund Program Statement - Financing: No cost consideration to the City
*In alignment with Economic Development Incentive Policy.
Body
BACKGROUND
On November 13, 2024, the City Council authorized (1) a Chapter 380 Economic Development Loan Agreement with Southfair Community Development Corporation in an amount not to exceed $1,190,354.00 (sourced from the South Dallas/Fair Park Opportunity Fund) and (2) a Chapter 373 Community Development Grant Agreement with Southfair Community Development Corporation in an amount not to exceed $312,500.00 (sourced from the Public Private Partnership Fund) for capital improvements and construction costs related to the development of the Malcolm’s Point Retail Project to be located at 2807 Al Lipscomb Way, Dallas, Texas 75215, in accordance with the City’s Economic Develo...
Click here for full text