City of Dallas - File #: 22-1334

• File #: 22-1334
• Version: 1
• Type: CONSENT AGENDA
• Status: Approved as an Individual Item
• File created: 5/26/2022
• In control: Office of Economic Development
• On agenda: 6/22/2022
• Title: Authorize a development agreement and all other necessary documents with One Newpark GP, LLC and/or its affiliates for a City Subsidy in an amount not to exceed $96,100,000.00 comprised of (1) an amount not to exceed $4,100,000.00 in the form of an economic development grant payable from the City's Public/Private Partnership Fund ("PPP Grant") and (2) an amount not to exceed $92,000,000.00 payable from future Downtown Connection TIF District funds ("TIF Subsidy") in consideration of the One Newpark Project, a 38-floor, 1,345,845 square foot mixed-use, mixed-income development to be constructed on 1.7 acres at the southeast corner of S. Akard Street and Canton Street in Tax Increment Financing Reinvestment Zone Number Eleven (Downtown Connection TIF District) - Financing: Public/Private Partnership Fund ($4,100,000.00) and Downtown Connection TIF District Fund ($92,000,000.00) (subject to annual appropriations from tax increments)
• Indexes: 14

STRATEGIC PRIORITY: Economic Development
AGENDA DATE: June 22, 2022
COUNCIL DISTRICT(S): 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT

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Authorize a development agreement and all other necessary documents with One Newpark GP, LLC and/or its affiliates for a City Subsidy in an amount not to exceed $96,100,000.00 comprised of (1) an amount not to exceed $4,100,000.00 in the form of an economic development grant payable from the City's Public/Private Partnership Fund ("PPP Grant") and (2) an amount not to exceed $92,000,000.00 payable from future Downtown Connection TIF District funds ("TIF Subsidy") in consideration of the One Newpark Project, a 38-floor, 1,345,845 square foot mixed-use, mixed-income development to be constructed on 1.7 acres at the southeast corner of S. Akard Street and Canton Street in Tax Increment Financing Reinvestment Zone Number Eleven (Downtown Connection TIF District) - Financing: Public/Private Partnership Fund ($4,100,000.00) and Downtown Connection TIF District Fund ($92,000,000.00) (subject to annual appropriations from tax increments)

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BACKGROUND

Newpark Dallas is a proposed multi-phased redevelopment of approximately five acres of surface parking lots owned by Hoque Global on the southern side of the downtown central business district. At full build-out, Newpark Dallas is planned to include over one million square feet of Class A office space, 200,000 square feet of urban retail space, a few thousand residential units, and a four-star hotel. The estimated total private investment associated with full build-out of the Newpark Dallas development exceeds $1.5 billion.

In 2021, a development incentive application was submitted to the Office of Economic Development by One Newpark GP, LLC, ("Developer") a partnership between Hoque Global (property owner) and Lanoha Real Estate Company (real estate developer) requesting t...