STRATEGIC PRIORITY: Economic Development
AGENDA DATE: October 23, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize a tax increment financing ("TIF") development agreement and all other necessary documents with 900 E. Clarendon QOZB, LLC and/or its affiliates ("Developer") in an amount not to exceed $2,681,864.00, payable from current and future Oak Cliff Gateway (OCG) TIF District Funds ("TIF Subsidy"), in consideration of the East Dock Redevelopment Project on property currently addressed as 900 East Clarendon Drive in Tax Increment Financing Reinvestment Zone Number Three (OCG IF District) in accordance with the City's Economic Development Incentive Policy - Not to exceed $2,681,864.00 - Financing Oak Cliff Gateway TIF District Fund (subject to annual appropriations from tax increments)
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BACKGROUND
The East Dock Redevelopment Project ("Project") is proposed to include the renovation and adaptive reuse of an existing vacant building totaling approximately 62,000 square feet located on approximately 3.41 acres of land currently addressed as 900 East Clarendon Drive ("Property"). The Property is generally located near the southeast corner of East Clarendon Drive and South Ewing Avenue. The proposed Project is within walking distance of the DART Dallas Zoo light rail station, Dallas Zoo, and Southern Gateway Deck Park (now Halperin Park). The Project is located in a Target Area pursuant to the City's Economic Development Policy and Incentives Policy.
Over the past eleven months, the Office of Economic Development has been coordinating with the Developer to refine the project concept and work through an incentive application. The scope of the Project is summarized as follows:
* Developer's exterior and interior renovation of approximately 62,000 square feet of existing vacant building space into leasable flexib...
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