STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 12, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize amendment and restatement of the Chapter 380 Economic Development Loan Agreement and the Chapter 380 Economic Development Grant Agreement (collectively, the "Agreement") with Shekinah Legacy Holdings, LLC ("Borrower/Grantee") previously authorized by City Council on April 12, 2023 by Resolution No. 23-0499 related to the 1708 MLK Redevelopment Project ("Project") proposed for the property addressed as 1708 Martin Luther King, Jr. Boulevard, including the following: (1) amend the Project completion deadlines; (2) clarify the minimum investment requirement; (3) clarify the Project scope; (4) clarify the requirements for grant payment; (5) amend the date by which the facility is opened to the public; (6) remove the job creation requirement from the loan agreement and add a job creation requirement of 10 jobs to the grant agreement; (7) amend the loan payment schedule to reflect forbearance of certain loan payments as attached in Exhibit A; (8) replace all references to "Small Business Center" with "Office of Economic Development", and in consideration; and (9) reduce the term of the loan from 15 years to 2 years, in accordance with the Economic Development Incentive Policy - Financing: No cost consideration to the City
Body
BACKGROUND
The South Dallas/Fair Park Opportunity Fund ("Opportunity Fund") was established by City Council in 1989 to support projects within the Opportunity Fund service area. Under the current Program Statement, the Opportunity Fund may provide loans and grants to promote economic development projects that create new jobs, retain existing jobs, or increase the service area tax base as well as provide grants that support human development initiatives in the neighborhoods surrounding F...
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