STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 13, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize amendments to Resolution 20-0225, previously authorized on January 22, 2020, for a development agreement with HW Commerce Office LP and/or its affiliates ("Developer") for The Stack Deep Ellum Project ("Project") located in Tax Increment Financing Reinvestment Zone Number Twelve ("Deep Ellum TIF District") to: (1) amend the private investment allowances; and (2) as consideration, increase the Project's minimum required private investment and minimum required total leasable square footage - Financing: No cost consideration to the City
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BACKGROUND
On January 22, 2020, City Council authorized the City Manager to execute a development agreement with Developer in an amount not to exceed $2,576,125.00, payable from current and future Deep Ellum TIF District Funds, in consideration of the Project on property currently addressed at 2700, 2712, and 2718 Commerce Street in the Deep Ellum TIF District by Resolution No. 20-0225.
HW Commerce Office LP, a Texas limited partnership led by Hines, with equity investment from Westdale Properties and Canadian investor Ivanho? Cambridge, is well underway with construction of the 16-level mixed-use Project. HW Commerce Office LP has invested $47.7 million in the Project to date. The Project is 56% complete. The development team recently announced a number of wellness and safety enhancements with the goal of providing a touchless tenant experience. These include touchless vehicular entry/exit paths via toll tag readers, touchless main building and elevator lobby entry/exits, and RFID elevator access such that any tenant can move from home to desk using a completely touchless pathway. The building is also designed with a focus on outdoor space, includ...
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