STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: November 11, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
title
A public hearing to receive comments on the proposed amendment to the Project Plan and Reinvestment Zone Financing Plan ("Plan") for Tax Increment Reinvestment Zone Number Ten, the Southwestern Medical Tax Increment Financing ("TIF") District (the "Zone") to: (1) create two sub-districts within the Zone: (a) Southwestern Medical Sub-district (original Zone boundary) and (b) Medical Campus Sub-district; (2) increase the geographic area of the Zone to add approximately 118.9 acres to create the Medical Campus Sub-district to facilitate anticipated redevelopment; (3) reduce the percentage of tax increment contributed by the City of Dallas during the remaining term of the Southwestern Medical Sub-district from 80% to 45%; (4) authorize an amendment to the participation agreement with Dallas County to reduce the percentage of tax increment contributed by Dallas County during the remaining term of the Southwestern Medical Sub-district from 55% to 30% and establish the percentage and duration of tax increment contributed by Dallas County during the term of the Medical Campus Sub-district; (5) establish a termination date for the Medical Campus Sub-district of December 31, 2045; (6) establish the percentage of tax increment contributed by the City of Dallas during the term of the Medical Campus Sub-district at 80%; (7) increase the Zone's total budget from $27,550,486.00 Net Present Value ("NPV") (approximately $46,059,711.00 total dollars) to $92,621,769.00 NPV (approximately $153,885,868.00 total dollars), an increase of $65,071,283.00 NPV (approximately $107,826,157.00 total dollars); (8) restructure the Zone's budget to consolidate and broaden categories of eligible project costs in the Southwestern M...
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