STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 26, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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Authorize the following: (1) a conditional grant agreement with EmDev Fund, LLC or an affiliate thereof ("Developer") for the development of the AT LAST! Project located at 405 East Overton Road, Dallas, Texas 75216 in an amount not to exceed $400,000.00; and (2) an increase in appropriations in an amount not to exceed $400,000.00 in the ECO (I) Fund - Not to exceed $400,000.00 - Financing: ECO (I) Fund (2017 General Obligation Bond Fund)
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BACKGROUND
Several months ago, EmDev Fund, LLC submitted an incentive application to the City of Dallas for the development of the AT LAST! Project ("the Project") - an urban boarding experience located at 405 East Overton Road, Dallas, Texas 75216. The property is a four-acre vacant parcel that is an important part of a rejuvenated area on Overton Road across from the new South Oak Cliff High School.
The Developer's vision for the Project is: (1) to convert a dumping ground into an urban boarding school concept in the South Oak Cliff community, providing impoverished elementary school-aged students with the same educational resources and tools during the home life portion of the school day from 3:30 p.m. in the afternoon to 8:00 a.m. the next morning-as enjoyed by kids from more affluent families, and (2) to integrate recreation and a park into the portion of the creek that runs through the property.
EmDev Fund, LLC is a real estate investment and development entity created in 2017 that will build the Project and lease to AT LAST! to operate the boarding school aimed at: (1) improving educational outcomes for the children, and (2) creating jobs for college students at Paul Quinn College and University of North Texas (UNT)- Dallas along with senior citizen...
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