STRATEGIC PRIORITY: Economic Development
AGENDA DATE: April 12, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize an economic development incentive agreement with Randall's Food & Drugs LP and/or its affiliates ("Grantee/BPP Owner"), doing business as Tom Thumb, to include (1) a Chapter 380 economic development grant in the amount not to exceed $5,200,000.00; (2) a Chapter 380 sales tax grant in the amount not to exceed $600,000.00 over ten years; and (3) a business personal property tax abatement for a period of five years in the amount equal to the City's taxes assessed on 75 percent of the added taxable value of Grantee/BPP Owner's business personal property investment during the first five years of operation in consideration of a new full-service grocery store ("Project") within City of Dallas Tax Increment Reinvestment Zone Number Twenty - Total not to exceed $5,800,000.00 - Financing: ECO (I) Fund (2017 General Obligation Bond Fund) ($2,000,000.00), Public/Private Partnership Fund ($1,661,279.89), Economic Development Fund (2006 General Obligation Bond Funds) ($1,538,720.11), and Project Sales Tax Agreement Fund ($600,000.00); Estimated Revenue Foregone: $208,849.00 for a five-year period
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BACKGROUND
Over the past 18 months, the Office of Economic Development has been negotiating an economic development incentive with Albertsons Companies, Inc., one of the largest food and drug retailers in the United States, to secure the commitment of a new full-service Tom Thumb grocery store in southern Dallas. On December 15, 2022, representatives of Albertsons Companies, Inc. accepted City staff's proposed incentive. The Resolution accompanying this agenda item contains the detailed terms and conditions of the negotiated incentive agreement. Pursuant to the City's Economic Development Incentive Policy (effective for ...
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