STRATEGIC PRIORITY: Economic Development
AGENDA DATE: March 8, 2023
COUNCIL DISTRICT(S): 7
DEPARTMENT: Small Business Center Department
EXECUTIVE: Kimberly Bizor Tolbert
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SUBJECT
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Authorize (1) a Conditional Chapter 380 Economic Development Loan Agreement with Shekinah Legacy Holdings, LLC (Borrower/Recipient) in an amount not to exceed $520,000.00 sourced with the South Dallas/Fair Park Opportunity Fund; and (2) a Chapter 380 Conditional Grant Agreement with Developer in an amount not to exceed $200,000.00 sourced with the Southern Dallas Investment Fund, for capital improvements and construction costs related to the renovation/restoration of a vacant unimproved building located at 1708 Martin Luther King Jr. Blvd. Dallas, Texas - Total amount not to exceed $720,000.00 - Financing: SBC South Dallas Fair Park Opportunity Fund ($520,000.00) and ECO (I) Fund (2017 General Obligation Bond Fund) ($200,000.00)
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BACKGROUND
The purpose of the South Dallas/Fair Park Opportunity Fund (Opportunity Fund) as authorized by City Council Resolution No. 18-0922 and Ordinance No. 30905 on June 27, 2018, is to provide loans and grants to promote economic development and support human development initiatives in neighborhoods surrounding Fair Park (service area). Loans or grants are available to support businesses or entities located within, relocating to, or serving a population of which at least 90% are residents of specific census tracts (SDFPOF community). Under the Economic Development program, a project is eligible for funding if it demonstrates that project funding will result in new job creation, job retention, or an increase in the service area tax base. Funding for economic development projects may be provided as a loan, or a combination of a loan and grant payment, provided that the grant payment does not exceed 25% of the total award amount.
The purpose of the Southern Dallas Investmen...
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