City of Dallas - File #: 22-1405

• File #: 22-1405
• Version: 1
• Type: ITEMS FOR INDIVIDUAL CONSIDERATION
• Status: Approved
• File created: 6/8/2022
• In control: Office of Economic Development
• On agenda: 6/22/2022
• Title: Authorize a development agreement ("Agreement") and all other necessary documents with I-20 Lancaster Development, LLC and/or its affiliates for a City Subsidy in an amount not to exceed $34,210,966.00 comprised of (1) an amount not to exceed $2,800,000.00 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 $31,410,966.00 plus an additional grant in lieu of interest payable from future University TIF District funds ("TIF Subsidy") in consideration of the University Hills Phase I Project on property generally bounded by Interstate Highway 20 (Lyndon B. Johnson Freeway), Lancaster Road, and the DART rail line in Tax Increment Financing Reinvestment Zone Number Twenty One (University TIF District) - Financing: Public/Private Partnership Fund ($2,800,000.00) and University TIF District Fund ($31,410,966.00) (subject to annual appropriations from tax increments)
• Indexes: 12, 8

STRATEGIC PRIORITY: Economic Development
AGENDA DATE: June 22, 2022
COUNCIL DISTRICT(S): 8, 12
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT

title
Authorize a development agreement ("Agreement") and all other necessary documents with I-20 Lancaster Development, LLC and/or its affiliates for a City Subsidy in an amount not to exceed $34,210,966.00 comprised of (1) an amount not to exceed $2,800,000.00 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 $31,410,966.00 plus an additional grant in lieu of interest payable from future University TIF District funds ("TIF Subsidy") in consideration of the University Hills Phase I Project on property generally bounded by Interstate Highway 20 (Lyndon B. Johnson Freeway), Lancaster Road, and the DART rail line in Tax Increment Financing Reinvestment Zone Number Twenty One (University TIF District) - Financing: Public/Private Partnership Fund ($2,800,000.00) and University TIF District Fund ($31,410,966.00) (subject to annual appropriations from tax increments)

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BACKGROUND

I-20 Lancaster Development, LLC and/or its affiliates ("Developer") is proposing the University Hills Phase I Project (the "Project"), a catalyst project on property located generally east of Lancaster Road and north of Interstate Highway 20 within the University Hills Sub-District ("Sub-District") of the University TIF District ("TIF District").

The TIF District was created by City Council in late 2017 to stimulate private investment and development and serve as a long-term funding tool to help implement the City's UNT-Dallas Area Plan. The proposed Project is the critical first step to the comprehensive development of the Sub-District described in the TIF District's Project Plan and Reinvestment Zone Financing Plan ("TIF Plan"). Roughly bounded by ...