STRATEGIC PRIORITY: Economic Development
AGENDA DATE: November 8, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize a tax increment financing ("TIF") development agreement and all other necessary documents in an amount not to exceed $5,124,811.00 ("TIF Subsidy") payable from current and future Fort Worth Avenue TIF District funds and a Chapter 380 economic development grant agreement in an amount not to exceed $1,175,189.00 ("Grant") payable from 2017 General Obligation Bond Funds (Proposition I City Council District 1 discretionary allocation) with WD FW Avenue Partners, L.P. and Columbus Trail-94, Ltd. and/or its affiliates, in consideration of the Vista at Kessler/Stevens Retail Redevelopment Project ("Project") on property currently addressed as 1340 North Hampton Road and 2045 Fort Worth Avenue in Tax Increment Financing Reinvestment Zone Number Fifteen (Fort Worth Avenue TIF District) - Total not to exceed $6,300,000.00 - Financing: Fort Worth Avenue TIF District Fund ($5,124,811.00) (subject to annual appropriations from tax increments) and ECO (I) Fund (2017 General Obligation Bond Funds) ($1,175,189.00)
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BACKGROUND
In 2022, WD FW Avenue Partners, L.P. and Columbus Trails-94, Ltd. (collectively "Vista" or "Developer") submitted an incentive application to the Office of Economic Development for gap funding to support the proposed Vista at Kessler/Stevens Retail Development Project ("Project"), a grocery-anchored retail redevelopment project located on approximately 4.4 acres at the northeast corner of Fort Worth Avenue and North Hampton Road. The Project is planned to include:
1. Environmental remediation and demolition of two existing obsolete buildings (totaling approximately 36,889 square feet)
2. Various site improvements (grading, pacing, utilities, parking improvements, irrigation, landscape, hards...
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