STRATEGIC PRIORITY: Economic Development
AGENDA DATE: June 14, 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 amendment to the Chapter 380 Economic Development Grant Agreement and all other necessary documents with 1632 MLK LLC, previously authorized on October 28, 2020, by Resolution No. 20-1731 to extend all material dates and deadlines by twelve months due to force majeure as the result of environmental remediation related to the redevelopment of a commercial building located at 1632 Martin Luther King Boulevard, Dallas, Texas 75215 - Financing: No cost consideration to the City
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BACKGROUND
On October 28, 2020, the City Council authorized a Chapter 380 Economic Development Grant Agreement ("Agreement") and all other necessary documents with 1632 MLK LLC ("Grantee") by Resolution No. 20-1731 in an amount not to exceed $1,000,000.00 in consideration of the proposed redevelopment of the commercial building at 1632 Martin Luther King Boulevard, Dallas, Texas 75215 ("Project").
The Grantee, a for-profit affiliate of St. Philip's School and Community Center, has been diligently and faithfully pursuing completion of the Project; however, due to extensive environmental remediation work on the Project which has been funded by and coordinated with the U.S. Environmental Protection Agency, the Project has experienced significant delays beyond the reasonable control of the Grantee.
As such, pursuant to Section 6 of the Agreement, the Grantee has recently requested a 12-month extension of all material dates and deadlines in the Agreement due to force majeure. Section 6 of the Agreement requires the City Council to approve any extensions requested by Grantee due to force majeure.
ESTIMATED SCHEDULE OF PROJECT
Begin Construction December 2023
Complete Construction December 2024
PRIOR ACTION/REVIEW (COUNCIL, BOAR...
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