STRATEGIC PRIORITY: Economic Development
AGENDA DATE: December 14, 2022
COUNCIL DISTRICT(S): 2, 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize (1) the transfer of $2,600,000.00 from the City Center TIF District Fund to the Park & Recreation Department Capital Gifts Donation & Development Fund to fully deliver Harwood Park adjacent to Tax Increment Financing Reinvestment Zone Number Five (City Center TIF District); (2) an increase in appropriations in an amount not to exceed $2,600,000.00 in the Park & Recreation Department Capital Gifts Donation & Development Fund; and (3) the disbursement of funds in an amount not to exceed $2,600,000.00 from the Park & Recreation Department Capital Gifts Donation & Development Fund to Parks for Downtown Dallas to deliver Harwood Park, such improvements being necessary and convenient to the implementation of the City Center TIF District Project Plan and Reinvestment Zone Financing Plan, as amended - Not to exceed $2,600,000.00 - Financing: City Center TIF District Capital Gifts, Donation & Development Fund (subject to availability and current and annual appropriations from tax increments)
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BACKGROUND
On June 11, 2018, the City of Dallas and Parks for Downtown Dallas (PfDD) executed the Downtown Dallas Priority Parks Development and Funding Agreement (Agreement) to set forth the terms and conditions by which the City will allow PfDD to manage the design and construction of the Harwood Park improvements and undertake procurement for construction of Harwood Park (as well as detailing the terms of the three other priority parks), as authorized by City Council on May 23, 2018 by Resolution No. 18-0762.
However, in recent months, a funding gap caused by significant rising construction costs and additional City required infrastructure would result in a number of major amenities to have to be omitted from the...
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