STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 28, 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 a Chapter 380 conditional grant agreement and all other necessary documents with Cornerstone Community Enterprises, Inc. or an affiliate thereof for the redevelopment of a commercial building (Phase 2 of The Crossing) located at 2839 South Ervay Street, Dallas, Texas 75215 - Not to exceed $390,000.00 - Financing: ECO (I) Fund (2017 General Obligation Bond Fund)
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BACKGROUND
For many months, City staff has been in discussions with Cornerstone Community Development Corporation (CCDC) for the redevelopment of a commercial building to be known as Phase 2 of The Crossing: Corner Store and Community Kitchen at 2839 South Ervay Street ("Project"). A separate affiliated for-profit entity, Cornerstone Community Enterprises, Inc. ("Developer"), has been established for the Project.
The Crossing is a two-phase project for the redevelopment of a 5,000 square foot building located at 2839 South Ervay Street. Phase 1 has been recently completed. Phase 1 included the renovation of approximately 2,000 square feet of the building into the first community laundromat in the area in many years.
Phase 2 of the remaining 3,000 square feet will be for a community market and kitchen. The community market will provide access to food, drink, and essential household items at affordable prices, and the community kitchen will be a shared space available for local entrepreneurs, small businesses, and culinary education programming. The estimated project costs for Phase 2 is $793,865.00.
The Real Estate Council (TREC), Dallas College, LiftFund, and Texas Mezzanine Fund with support from JPMorgan Chase, via a $6 million grant, have formed the Dallas Collaborative for Equitable Development and recently complete...
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