STRATEGIC PRIORITY: Economic Development
AGENDA DATE: November 13, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize (1) a Conditional 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 Conditional Grant Agreement with Borrower/Recipient 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 Development Incentive Policy and the South Dallas Fair Park Opportunity Fund Program Statement - Total amount not to exceed $1,502,854.00 - Financing: South Dallas Fair Park Opportunity Fund ($1,190,354.00) and Public Private Partnership Fund ($312,500.00)
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BACKGROUND
Malcolm's Point Retail Project (Project) is a new ground-up development project that consists of a 4,859 square foot building located at the corner of Malcolm X Blvd and Al Lipscomb Way, led by Southfair Community Development Corporation (Southfair). Southfair is a community development corporation with a long history of operations in the South Dallas Fair Park neighborhood, investingt more than $35 million in the South Dallas Fair Park area over the past 30 years. The Project is located within the boundaries for the South Dallas Fair Park Opportunity Fund and is also within an Economic Development Target Area.
The Project will provide new office and restaurant space, plus additional small retail and office spaces to be used by neighborhood entrepreneurs. Initial tenants will include Southfair (3,009 sq ft and may be later divided) and Aunt Irene's Ki...
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