PILLAR: Growing
AGENDA DATE: October 22, 2025
COUNCIL DISTRICT(S): 2, 14
DEPARTMENT: Office of Economic Development
PRIORITY: Targeted Economic Growth
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SUBJECT
Title
Authorize a tax increment financing ("TIF") development agreement with 901 Main PAHG Partners LLC, a Texas limited liability company and/or its affiliates ("Developer") in an amount not to exceed $103,000,000.00 ("TIF Subsidy"), payable from current and future Downtown Connection Sub-district funds in the Downtown Connection TIF District ("TIF District" or "Zone"), in consideration of the Developer's design, engineering, financing, and construction of the 901 Main Street Redevelopment Project ("Project") currently addressed as 900 Main Street, 901 Main Street, and 909 Commerce Street - Not to exceed $103,000,000.00 - Financing: Downtown Connection TIF District Fund (subject to current and annual appropriations from tax increments)
*In alignment with Economic Development Incentive Policy.
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BACKGROUND
Since the COVID 19 pandemic, urban centers and central business districts have been adapting to changes in work patterns, with several buildings experiencing decreased office tenant demand and occupancy, causing building owners to examine adaptive reuse and/or conversion to increase building occupancy, net operating income, and vibrancy.
Several months ago, 901 Main PAHG Partners LLC submitted an application for a development incentive to the Office of Economic Development for gap funding to support the proposed 901 Main Street Redevelopment Project ("Project"), a proposed transformation of the iconic Bank of America Tower into a vibrant mixed-use property. Bank of America tower, a 72-story office building originally constructed between 1983 and 1985, is the tallest building in the city of Dallas and contains 1,852,482 square feet. The Project includes reducing the amount of office space in the building and adding a 280-room h...
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