STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 28, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize a tax increment financing ("TIF") development agreement and all other necessary documents in an amount not to exceed $1,778,000.00 ("TIF Subsidy") payable from current and future Transit-Oriented Development ("TOD") TIF District funds with UCR Development Services LLC and/or its affiliates, in consideration of the Lancaster-Corning Retail Development Project on property currently addressed at 3011 through 3039 South Lancaster Road in Tax Increment Financing Reinvestment Zone Number Seventeen ("TOD TIF District") - Not to exceed $1,778,000.00 - Financing: TOD TIF District Fund (subject to annual appropriations from tax increments)
Body
BACKGROUND
The Project is proposed to include the new ground-up development of three free-standing retail/restaurant buildings totaling approximately 11,640 gross square feet located on approximately 1.5 acres of vacant land (currently owned by the City of Dallas) currently addressed as 3011 through 3039 South Lancaster Road ("Property"). The Property is generally located at the northwest corner of South Lancaster Road and Corning Avenue and previously contained a City library which has since been demolished. The Property fronts on South Lancaster Road, a commercial corridor in southern Dallas, and is approximately 1.0 mile north of the Dallas VA Medical Center. DART's Kiest Station (blue light rail line) is located approximately 900 feet to the south of the Property. The Property's current zoning classification is CR (Community Retail). The Property is located in a Target Area pursuant to the City's Economic Development Policy and Incentives Policy.
In 2021, the Property was included in Phase 1 of the City's (Department of Housing & Neighborhood Revitalization) 1,000 U...
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