City of Dallas - File #: 20-20

• File #: 20-20
• Version: 1
• Type: ITEMS FOR INDIVIDUAL CONSIDERATION
• Status: Approved
• File created: 12/16/2019
• In control: Office of Economic Development
• On agenda: 1/22/2020
• Final action: 1/22/2020
• Title: Authorize (1) a development agreement with HW Commerce Office LP and/or its affiliates ("Developer") in an amount not to exceed $2,576,125.00, payable from current and future Deep Ellum Tax Increment Financing ("TIF") District Funds, in consideration of The Stack Deep Ellum Project on property currently addressed at 2700, 2712, and 2718 Commerce Street in Tax Increment Financing Reinvestment Zone Number Twelve ("Deep Ellum TIF District"); and (2) an increase in appropriations in an amount not to exceed $2,576,125.00 in the Deep Ellum TIF District Fund - Not to exceed $2,576,125.00 - Financing: Deep Ellum TIF District Fund (subject to current and future appropriations from tax increments)
• Indexes: 2

STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: January 22, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
______________________________________________________________________
SUBJECT

title
Authorize (1) a development agreement with HW Commerce Office LP and/or its affiliates ("Developer") in an amount not to exceed $2,576,125.00, payable from current and future Deep Ellum Tax Increment Financing ("TIF") District Funds, in consideration of The Stack Deep Ellum Project on property currently addressed at 2700, 2712, and 2718 Commerce Street in Tax Increment Financing Reinvestment Zone Number Twelve ("Deep Ellum TIF District"); and (2) an increase in appropriations in an amount not to exceed $2,576,125.00 in the Deep Ellum TIF District Fund - Not to exceed $2,576,125.00 - Financing: Deep Ellum TIF District Fund (subject to current and future appropriations from tax increments)

body
BACKGROUND

HW Commerce Office LP, a Texas limited partnership led by Hines (a global real estate investment, development, and management firm founded in 1957), with equity investment from Westdale Properties (a Dallas based real estate investment company) and Canadian investor Ivanho? Cambridge, has submitted an incentive application to the City of Dallas Office of Economic Development to support The Stack Deep Ellum Project ("Project").

The Project is planned to include the construction of a 16-level mixed-use building consisting of 195,000 square feet of Class A office space (7-levels), 15,000 square feet of ground floor retail space, and 638 structured parking spaces (8-levels). The property, located at 2700, 2712, and 2718 Commerce Street, has previously been used as a surface parking lot and has been owned by Westdale Properties since 2005. The total development cost of the Project is estimated at $106,000,000.00.

The City's Urban Design Peer Review Panel ("UDPRP") is an independent group of professiona...