STRATEGIC PRIORITY: Economic Development
AGENDA DATE: September 27, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize (1) execution of a development agreement and all other necessary documents with Cabana Sycamore Development, Inc. and/or its affiliates ("Developer") in an amount not to exceed $41,000,000.00 payable from current and future Design District TIF District funds in consideration of the Cabana Design District mixed-income multi-family redevelopment project ("Project") currently addressed at 899 North Stemmons Freeway ("Property") in Tax Increment Financing Reinvestment Zone Number Eight (Design District TIF District); and (2) rescission of the TIF district funding and associated development agreement with Cabana Development, LLC, an affiliate of Centurion American Development Group, previously authorized by City Council Resolution No. 19-1804 on November 13, 2019 for the Cabana Hotel Redevelopment Project, effective upon Developer's closing on the acquisition of the Property from Centurion American Development Group - Not to exceed $41,000,000.00 - Financing: Design District TIF District Fund (subject to annual appropriations from tax increments)
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BACKGROUND
Cabana Sycamore Development, Inc. ("Developer"), a Texas corporation whose officers are principals of Sycamore Strategies, LLC, a Texas limited liability company, submitted an incentive application to the City of Dallas Office of Economic Development to facilitate the Cabana Design District, a proposed mixed-income multi-family redevelopment project ("Project") at 899 North Stemmons Freeway (the "Property").
The Property is approximately 3.27 acres of land currently containing an approximately 122,776 square foot building (11 stories, plus basement), an approximately 138,484 square foot building (2 stories), and two parking garages (a 1-level st...
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