STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: June 23, 2021
COUNCIL DISTRICT(S): 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
______________________________________________________________________
SUBJECT
title
Authorize (1) a development agreement with Woodall Rodgers Park Foundation ("Foundation") in an amount not to exceed $3,000,000.00 for the design and construction of the Phase 2 expansion of the Klyde Warren Park project ("KWP2"), payable from City Center Tax Increment Financing ("TIF") District funds, such improvements being necessary and convenient to the implementation of the project plans for the City Center TIF District; (2) all other necessary documents between the City, the Foundation and the North Central Texas Council of Governments ("NCTCOG") related to such funding for KWP2; and (3) an assignment of all City Center TIF District revenues payable to the Foundation under the development agreement to NCTCOG - Not to exceed $3,000,000.00 - Financing: City Center TIF District Fund (subject to annual appropriations from tax increments)
body
BACKGROUND
On December 18, 2018, the NCTCOG pledged approximately $30,000,000.00 for the City of Dallas to assist with funding KWP2 on the condition that $10,000,000.00 would be repaid to NCTCOG by sources determined by the City.
In early 2019, the Foundation submitted conceptual plans for KWP2 to the City of Dallas' Urban Design Peer Review Panel ("UDPRP") and as part of the City's negotiation with NCTCOG, the Foundation and the City signed a Letter of Intent ("LOI") for City Center TIF District revenues for the KWP2 expansion. The LOI was subject to approval of the City Center TIF District Board of Directors and to City Council approval of findings supporting the use of TIF funds for this project located outside the boundaries of the City Center TIF District as well as the approval of amendments to the project plans for the District and the availability of...
Click here for full text