STRATEGIC PRIORITY: Quality of Life, Arts & Culture
AGENDA DATE: February 14, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Park & Recreation Department
EXECUTIVE: John D. Jenkins
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SUBJECT
Title
Authorize a development agreement with Dallas Wetlands Foundation for a term commencing upon execution and shall terminate one year following the completion of the construction of improvements - Not to exceed $7,358,064.00 - Financing: Park and Recreation (B) Fund (2017 General Obligation Bond Fund)
Body
BACKGROUND
The Dallas Wetlands Foundation (DWF) is a Texas non-profit 501c3 organization that was created for the purpose of developing urban wetlands, promoting the sound use of land and resources for the long-term health of the community, and educating the public of the value and function of wetlands through public private partnerships.
The proposed project will create new green space while increasing resilience through maintained flood mitigation and by developing, enhancing, and protecting urban wetlands in order to improve water quality. The agreement will be a public/private partnership between the City of Dallas including the Dallas Parks & Recreation Department (PKR), Dallas Water Utilities (DWU), and DWF.
Below are the significant deal points of the development agreement.
* DWF will be responsible for securing all zoning, building permits and other approvals required including the United States Army Corps of Engineers and Federal Emergency Management Agency.
* PKR will provide $7,358,064.00 in funding from the 2017 City of Dallas Bond and DWF will provide an equal or greater match to PKR bond funding of $7,358,064.00 for the project. The match will consist of project expenses in-kind, cash and/or land.
* DWF will have the right to name all and/or portions of the project subject to Park Naming Policy as applicable.
* DWF agrees to establish one or more designated capital accounts for the pr...
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