STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 27, 2021
COUNCIL DISTRICT(S): 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize (1) designating approximately 5.4 acres of property addressed as 1823 North Hall Street, located at the northwest corner of North Hall Street and Flora Street in Dallas, Texas, as City of Dallas Neighborhood Empowerment Zone No. 19 ("City of Dallas NEZ No. 19"), pursuant to Chapter 378 of the Texas Local Government Code, to promote the creation of affordable housing and an increase in economic development in the zone, establish the boundaries of the zone, and provide for an effective date; and (2) a real property tax abatement agreement with SEK Hall Street, LLC or an affiliate thereof ("SEK Hall Street") for a period of ten years in an amount equal to the City's taxes assessed on 90 percent of the increased taxable value of real property in conjunction with a new mixed-income and mixed-use development project (the "One City View Project") to be situated on approximately 5.4 acres at 1823 North Hall Street (the "Property") in City of Dallas NEZ No. 19, in accordance with the City's Public/Private Partnership Program - Estimated Revenue Foregone: $3,892,504.00 over a ten-year period (This item was deferred on October 13, 2021)
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BACKGROUND
SEK Hall Street, a joint venture between the Kroger Texas L.P. ("Owner") and SE Hall Street Partners, LLC (Southeastern or SEDA) ("Developer"), together referred to as Owner/Developer, plans to develop a mixed-use and mixed-income project known as One City View Project (the "Project") on a vacant 5.4 acre site at the intersection of North Hall Street and Flora Street. The Project site was previously owned by the Dallas Housing Authority and is subject to a restrictive covenant running with the land that requires 20% of any residential units built o...
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