STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: May 13, 2020
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize (1) extensions of up to six months, subject to approval of the Director of the Office of Economic Development ("Director") for city-imposed contractual deadlines occurring on or after March 1, 2020 for active incentive agreements approved by the City Council prior to March 1, 2020; (2) an additional extension of up to six months, subject to approval of the Director for such active incentive agreements; and (3) forbearance of loan payments and extension of loan maturity dates for a period of up to six months, subject to approval of the Director - Financing: No cost consideration to the City
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BACKGROUND
To support businesses and development projects impacted by COVID-19, and in acknowledgement of the economic impact caused by the virus, the City hereby authorizes the Director, in his or her discretion, to approve extensions up to six months for all city-imposed deadlines in any active economic development incentive agreement approved by the City Council on or before March 1, 2020, regardless of whether the agreement has been executed or not by the parties. These agreements include, but are not limited to, tax increment financing development agreements, Chapter 380 loan and grant agreements, tax abatement agreements, small business loans, workforce development agreements, and any other agreement whereby the City of Dallas agreed to provide incentives or financial assistance to an external party through the Office of Economic Development. If the awardee demonstrates need for an additional extension after expiration of the period described above, an additional extension of up to six months may be granted upon approval of the Director, in his or her sole discretion.
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