STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: November 10, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize a public hearing to be held on December 8, 2021 to receive comments on the proposed amendment to the Project Plan and Reinvestment Zone Financing Plan ("Plan") for Tax Increment Reinvestment Zone Number Thirteen, the Grand Park South Tax Increment Financing ("TIF") District ("the Zone") to: (1) increase the geographic area of the Grand Park South TIF District to add approximately 151 acres to promote development or redevelopment of the District; (2) authorize an amendment to the participation agreement with Dallas County to extend its financial participation in the Grand Park South TIF District from 2026 to the end of the current term in 2035; and (3) make corresponding modifications to the Grand Park South District boundary and Project and Financing Plans; and, at the close of the hearing, consideration of an ordinance amending Ordinance No. 26147, as amended, previously approved on October 26, 2005, and Ordinance No. 26773, previously approved on June 13, 2007, to reflect this amendment - Financing: No cost consideration to the City
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BACKGROUND
The Grand Park South TIF District was created in 2005 in an effort to provide a model for redeveloping a former cohesive neighborhood that has experienced disinvestment to take full advantage of the expanding Dallas Area Rapid Transit light rail system, to promote transit-oriented development in the historical context of the neighborhood, to implement appropriate urban design standards, and to improve the quality of development south of Downtown.
Although the pace of new development has been slower than originally anticipated, some development activity has occurred in the District including the completion of 84 residential units; 18,288...
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