STRATEGIC PRIORITY: Economic Development
AGENDA DATE: September 28, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize (1) assignment of the Chapter 380 Economic Development Grant Agreement ("grant agreement") between KRR Construction LTD. and City of Dallas for the property located at 3540 Simpson Stuart Road to A&S Supermarkets LLC or an affiliate or subsidiary thereof (Cash Saver or Buyer); (2) execution of an assignment, amendment, and restatement of the grant agreement, as applicable, and any ancillary documents, approved as to form by the City Attorney; (3) execution of an assignment and amendment of the deed of trust, as applicable, and any ancillary documents, approved as to form by the City Attorney; and (4) the subordination of the Chapter 380 grant to American Continental Bank - Financing: No cost consideration to the City
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BACKGROUND
On October 23, 2013, Dallas City Council authorized a $1.5 million grant agreement between the City of Dallas and KRR Construction, LTD. for the acquisition and redevelopment of the property at 3540 Simpson Stuart Road ("Property") and unimproved property located at 3546 Simpson Stuart Road in Dallas, Texas. On December 10, 2014, City Council approved an increase to the grant agreement to a total of $2.8 million for the development of a full-service grocery store at the Property by Moran Foods, LLC ("Save A Lot").
in March 2015, the City and KRR Construction, LTD. executed 1) a Chapter 380 Economic Development Grant Agreement ("the grant agreement"), requiring KRR Construction LTD. to acquire and redevelop the Property located at 3540 Simpson Stuart Road and to operate a grocery store on the Property for a ten-year period in consideration for the $2,800,000.00 grant funds ("the grant") and providing that after ten years of operations as a grocery store, KRR Construction...
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