PILLAR: Growing
AGENDA DATE: June 24, 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 (DDF), a Dallas-based Texas non-profit corporation and certified Community Development Entity or a subsidiary thereof, Forest Forward and affiliated entities, and U.S. Bancorp Community Development Corporation and its subsidiaries thereof, including up to $8 million of DDF's $55 million NMTC allocation, in support of the Forest Theater Redevelopment Project located at 1918 Martin Luther King Jr. Boulevard, Dallas, Texas 75215 (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 related to the Project - 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 DDF, a Texas nonprofit corporation and certified Community Development Entity (CDE), and submission of a (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 25 NMTC transactions involving $229 million in allocation.
Under DDF's bylaws, in addition to DDF Board approval, 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 ($8 million) and beneficiary of the NMTC ...
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