PILLAR: Growing
AGENDA DATE: November 10, 2026
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
PRIORITY: Targeted Economic Growth
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SUBJECT
Title
Authorize a New Markets Tax Credit (NMTC) transaction between the Dallas Development Fund, a Dallas-based Texas non-profit corporation and certified Community Development Entity or a subsidiary thereof (DDF), Cartamundi Dallas and affiliated entities (Cartamundi), and Regions Bank and its subsidiaries thereof (Regions), of up to $11 million of DDF’s $55 million NMTC allocation in support of an expansion project located at 5101 Highland Place Drive, Dallas, Texas 75236 (Project), a qualified project under Section 45D of the Internal Revenue Code of 1986, as amended, as further described in Attachment A, and for DDF to collect related closing costs and annual fees - Financing: No cost consideration to the City
*In alignment with Economic Development Incentive Policy.
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BACKGROUND
On February 11, 2009, the City Council authorized the creation of the Dallas Development Fund (DDF), a Texas non-profit corporation and certified Community Development Entity (CDE), and submission of a New Markets Tax Credit (NMTC) allocation application to the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI) by Resolution No.?09-0461. DDF was most recently awarded $55 million in NMTC allocation during the CDFI’s 2024-2025 allocation cycle. Previously, DDF has been awarded a total of $240 million in allocation from 2009, 2012, 2014, 2017 and 2021 cycles. To date, DDF has closed 28 NMTC transactions involving $260 million in allocation.
Under DDF’s bylaws, in addition to approval by the DDF Board of Directors, any DDF activity involving the use, transfer or allocation of NMTC must also be approved by the City through a City Council resolution indicating the allocation amount ($11 million) and beneficiary of the N...
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