STRATEGIC PRIORITY: Economic Development
AGENDA DATE: September 28, 2022
COUNCIL DISTRICT(S): All
DEPARTMENT: Small Business Center Department
EXECUTIVE: Kimberly Bizor Tolbert
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SUBJECT
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Authorize an amendment to Resolution No, 19-0803, previously approved on May 22, 2019, which authorized the adoption of the Southern Dallas Investment Fund Program Statement; and increased the appropriations, future encumbrances, and disbursements as appropriate for a total amount not to exceed $2,500,000.00 to replace the Program Statement shown in the resolution as Exhibit A - Financing: No cost consideration to the City
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BACKGROUND
The purpose is to provide an This resolution update on the revision of revises the Program Statement for the Southern Dallas Investment Fund (SDIF). Funding for this program was authorized to promote economic development throughout the city, provide grants not to exceed $2,500,000.00 of bond proceeds for private commercial, industrial, retail, residential/mixed-use development, neighborhood revitalization projects, and mixed income development under Ordinance 30554 Proposition I for $2,500,000.00 in general obligation bond funding. This item does not increase existing grant funds for the SDIF.
The SDIF Grant Funds are administered by the Small Business Center and designated for "Southern Dallas" defined for the purpose this grant, as the geographical boundaries within the Dallas city limits on the west, south and east. The northern border is the Trinity River, west and east of downtown and interstate 30. Eligible recipients must be a for-profit business located in Southern Dallas that are officially registered with the Texas Secretary of State, operate as a legal for-profit small business as classified under size standards of the U.S. Small Business Administration and demonstrate a need for eligible assistance.
Staff recommends that $2.5 million be dedicated to Coun...
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