STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 24, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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An ordinance authorizing an amendment to the Project Plan and Reinvestment Zone Financing Plan for Tax Increment Financing Reinvestment Zone Number Three ("Oak Cliff Gateway TIF District") to: (1) include a finding that operations and maintenance support for the Dallas Streetcar is necessary and convenient to the implementation of furthering development along major transportation corridors and transit connections in and adjacent to the TIF District; (2) create a budget category in support of the Dallas Streetcar; and (3) shift $257,202.00 net present value (approximately $950,000.00 in total dollars) of the District's budget from the Oak Cliff Gateway Sub-district to the new budget category amending Ordinance No. 23033, as amended, to reflect this amendment - Financing: No cost consideration to the City
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BACKGROUND
On February 12, 1997, City Council authorized the Project Plan and Reinvestment Zone Financing Plan (Plan) for the Oak Cliff Gateway TIF District by Resolution No. 97-0483; Ordinance No. 23033. The Plan has been amended multiple times, most recently in 2015.
On December 1, 2020 and December 14, 2020, the Oak Cliff Gateway TIF District Board of Directors ("Board") discussed a proposed Plan amendment specifically for Dallas Streetcar support.
On January 19, 2021, the Board voted to recommend approval of a Plan amendment to: (1) include a finding that operations and maintenance support for the Dallas Streetcar is necessary and convenient to the implementation of furthering development along major transportation corridors and transit connections in and adjacent to the TIF District, (2) create a budget category in support of the Dallas Streetcar, and (3) shift $257,202.00 net pre...
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