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 an amendment to the Master Agreement, as amended, along with other documents the City deems necessary with 1100 Pearl Street, Inc. ("Developer") and/or its affiliates in an amount not to exceed $6,544,249.00 payable from future Farmers Market TIF District Funds, in consideration for the design, funding, and construction of the Pearl Lofts Project ("Project") located on property currently addressed as 2100 Jan Pruitt Way ("Project site") in Tax Increment Financing Reinvestment Zone Number Six ("Farmers Market TIF District"), approved as to form by the City Attorney, with such improvements being necessary and convenient to the implementation of the Farmers Market TIF District Project Plan and Reinvestment Zone Financing plan, as amended - Not to exceed $6,544,249.00 - Financing: Farmers Market TIF District Fund (subject to future appropriations from tax increments)
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BACKGROUND
1100 Pearl Street, Inc., a Texas corporation and single purpose entity of Spectrum Properties, which is the master developer of each of the Farmers Market Redevelopment parcels (Shed 1, Shed 2, Harvest Lofts, Taylor Lofts, Futsal), submitted an incentive application to the City of Dallas' Office of Economic Development ("OED") to support the Pearl Lofts Mixed-Use and Mixed-Income Development Project (the "Project").
The Project, which is the last of the Farmers Market Redevelopment parcels to be developed, is being proposed on the site of an existing 15,520 square foot vacant and obsolete structure, currently addressed as 2100 Jan Pruitt Way. The existing structure, which will be removed to construct the Project, previously housed the corporate office of North Texas Food Bank ("NTFB") and, after Project...
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