STRATEGIC PRIORITY: Economic Development
AGENDA DATE: May 11, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize a development agreement and all other necessary documents with FM City Park, LLC ("Adjacent Owner") and/or its affiliates in an amount not to exceed $285,650.00 for the design and construction of the Pearl Improvement Project ("Project"), located in the Pearl Expressway public right-of-way between Taylor Street and Marilla Street, in Tax Increment Financing Reinvestment Zone Number Six ("Farmers Market TIF District"), approved as to form by the City Attorney, payable from Farmers Market Tax Increment Financing District funds, such improvements being necessary and convenient to the implementation of the Farmers Market TIF District Amended Project Plan and Reinvestment Zone Financing Plan - Not to exceed $285,650.00 - Financing: Farmers Market TIF District Fund (subject to annual appropriations from tax increments)
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BACKGROUND
The Farmers Market TIF District Amended Project Plan and Reinvestment Zone Financing Plan cites a goal to "improve the pedestrian environment through plaza and sidewalk improvements, landscaping, lighting, design standards, and burial of overhead utilities, including improved pedestrian connections throughout the Farmers Market TIF District" and, specifically, calls for "improvements to Pearl Street and Taylor Street for outdoor public festivals/activities."
With this public improvement Project, the City of Dallas has the opportunity to partner with the Adjacent Owner, who is an affiliate of the entities that own or lease the property known as the Farmers Market Redevelopment Project (Shed 1, Shed 2, Harvest Lofts formerly known as Shed 3 and 4, Taylor Lofts and the Auxiliary/Administrative Building), to improve the Pearl Expressway public right-of-way between Taylor Street and Ma...
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