STRATEGIC PRIORITY: Economic Development
AGENDA DATE: January 8, 2025
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
______________________________________________________________________
SUBJECT
Title
A public hearing to receive comments regarding the adoption of an amended City of Dallas Economic Development Incentive Policy for the period January 1, 2025 through December 31, 2026, and, at the close of the public hearing, authorize the adoption of the Economic Development Incentive Policy for the public purpose of promoting economic and community development and stimulating business and commercial activity in the City of Dallas, effective from January 1, 2025 through December 31, 2026, including (1) addition of a Small Business Program, including (a) a city-wide Small Business Assistance Program and (b) City Council-directed small business programs; (2) addition of an Innovation Program; (3) amendment of the South Dallas/Fair Park Opportunity Fund Program Statement; (4) amendment of the Southern Dallas Investment Fund Program Statement; (5) amendment of Neighborhood Empowerment Zone # 9 and Neighborhood Empowerment Zone #10; (6) amendment of the Community Development Plan; and (7) other minor updates and technical corrections - Financing: No cost consideration to the City
Body
BACKGROUND
The City Council unanimously authorized the adoption of the Economic Development Incentive Policy on January 25, 2023 by Resolution No. 23-0220. The Incentive Policy added new tools to institutionalize a living wage, streamline the process for smaller developers, create a new fund to address infrastructure challenges, and prioritize investment in specific target areas. On March 27, 2024, City Council authorized amendments by Resolution No. 24-0435 necessary to implement the 2024 Economic Development bond proposition, reflect recent changes to state law, make minor program updates and add cost recovery provisions, and implement g...
Click here for full text