STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: January 22, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Michael Mendoza
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SUBJECT
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Authorize a resolution (1) designating approximately 2,294 acres of property generally bounded by Canada Drive, Fort Worth Avenue, Hampton Road, and Westmoreland Road in the West Dallas area of Dallas, Texas as City of Dallas Neighborhood Empowerment Zone No. 16 (NEZ No. 16), pursuant to Chapter 378 of the Texas Local Government Code, to promote the creation or rehabilitation of affordable housing in the zone, establish boundaries of the zone, and provide for an effective date; (2) declaring that projects located within NEZ No. 16, within either the Fort Worth Avenue Tax Increment Financing (TIF) District or the Sports Arena TIF District, and eligible for the City's Residential Neighborhood Empowerment Zone (NEZ) Program, may utilize real property and business personal property tax abatements under the provisions of the Residential NEZ Program; and (3) authorizing the City Manager to execute individual tax abatement agreements and development grant agreements in amounts equal to development fees and certain development-related costs up to $50,000.00 in accordance with the Residential NEZ Program - Financing: This action has no cost consideration to the City (see Fiscal Information)
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BACKGROUND
Chapter 378 of the Texas Local Government Code (the Act) provides for the creation of NEZs. A NEZ is a flexible tool that a municipality can utilize to implement an economic development program, to create or rehabilitate affordable housing in the zone, and to increase the quality of social services, education, or public safety provided to the residents of the zone.
With this item, staff is proposing to create City of Dallas NEZ No. 16 for a geographic area approximately 2,294 acres i...
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