STRATEGIC PRIORITY: Growing
AGENDA DATE: May 14, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize an economic development incentive agreement and all other necessary documents with Palladium Buckner Station, Ltd. and/or its affiliates ("Developer") to include: (1) a Chapter 380 Economic Development Grant in an amount not to exceed $8,316,907.16 ("Grant"); and (2) a Chapter 380 Economic Development Loan in an amount not to exceed $6,183,092.84 ("Loan"), in consideration of the Palladium Buckner Station Project ("Project"), a mixed-income and transit-oriented development project proposed on real property currently addressed as 8008 Elam Road, Dallas, Texas 75217 in accordance with the Economic Development Incentive Policy - Total not to exceed $14,500,000.00 - Financing: Economic and Southern Area Transit-Oriented Development Funds (2006 General Obligation Bond Fund) ($1,583,815.53), ECO (I) Fund (2017 General Obligation Bond Fund) ($1,738,275.42), Economic Development (G) Fund (2024 General Obligation Bond Fund) ($4,994,816.21), and Public/Private Partnership Fund ($6,183,092.84) (subject to current and annual appropriations)
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BACKGROUND
In December 2021, Dallas Area Rapid Transit (DART) and the City executed a Memorandum of Understanding to give the City the ability to solicit transit oriented development (TOD) proposals for six DART-owned sites adjacent to DART light rail stations, including Buckner Station.
In September 2022, the City issued six Requests for Proposals (RFPs) to solicit TOD proposals (one RFP for each of the six DART-owned sites).
On June 14, 2023, by Resolution No. 23-0792, City Council authorized (1) selection of the recommended most advantageous proposal submitted by Palladium USA International, Inc for City Solicitation BVZ22-00020443 (Request for Proposals for Transit-Oriented Developme...
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