City of Dallas - File #: 20-849

• File #: 20-849
• Version: 1
• Type: BRIEFING ITEMS
• Status: Agenda Ready
• File created: 4/24/2020
• In control: Economic Development Committee
• On agenda: 5/4/2020
• Title: Authorize (1) a third amendment to the Chapter 380 Grant Agreement ("2016 Chapter 380 Agreement") with WCWRD Inc and its affiliates or subsidiaries ("Developer") and a second amendment to the Tax Increment Development, Chapter 380 Grant, and Chapter 380 Loan Agreement ("2018 TIF/Chapter 380 Agreement") with Developer, approved as to form by the City Attorney, related to the Red Bird Mall Redevelopment Project ("Project") to: (a) increase the amount of the 2018 Chapter 380 conditional grant by $3,000,000.00 in bond funds; (b) remove the requirement that the Developer make any Distributable Cash Payments to the City pari passu with distributions of cash flow to the Project's equity investors; and (c) increase the minimum Investment Requirement for the Project by $14,000,000.00; (2) an amendment to the Amended and Restated Deed of Trust to add the former Sears property and, at the request of the Developer, any other future properties acquired by the Developer within the Westmoreland-IH 20...

Authorize (1) a third amendment to the Chapter 380 Grant Agreement (“2016 Chapter 380 Agreement”) with WCWRD Inc and its affiliates or subsidiaries (“Developer”) and a second amendment to the Tax Increment Development, Chapter 380 Grant, and Chapter 380 Loan Agreement (“2018 TIF/Chapter 380 Agreement”) with Developer, approved as to form by the City Attorney, related to the Red Bird Mall Redevelopment Project (“Project”) to: (a) increase the amount of the 2018 Chapter 380 conditional grant by $3,000,000.00 in bond funds; (b) remove the requirement that the Developer make any Distributable Cash Payments to the City pari passu with distributions of cash flow to the Project’s equity investors; and (c) increase the minimum Investment Requirement for the Project by $14,000,000.00; (2) an amendment to the Amended and Restated Deed of Trust to add the former Sears property and, at the request of the Developer, any other future properties acquired by the Developer within the Westmoreland-IH 20 Sub-District of Tax Increment Reinvestment Zone Number Twenty (“Mall Area Redevelopment TIF District”) as collateral property; and (3) the City Manager to negotiate and execute any other documents, including but not limited to Subordination, Non-Disturbance, and Attornment agreements necessary to accommodate the Project in accordance with City Council approved terms, approved as to form by the City Attorney.

[Kevin Spath, Assistant Director, Office of Economic Development]