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 a development agreement and all other necessary documents with Vector Studies LLC and/or its affiliates in an amount not to exceed $2,308,210.00, payable from current and future Grand Park South TIF District funds, in consideration of the Legacy of Hope DFW redevelopment project on property currently addressed at 2516 Martin Luther King Jr. Boulevard in Tax Increment Financing Reinvestment Zone Number Thirteen (Grand Park South TIF District) - Not to exceed $2,308,210.00 - Financing: Grand Park South TIF District Fund (subject to annual appropriations from tax increments)
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BACKGROUND
The Legacy of Hope DFW Project ("Project") at 2516 Martin Luther King Jr Boulevard will include major renovation of an approximately 15,153 square foot vacant building on approximately 0.72 acres into a Class A healthcare facility that will provide top quality care and services in private medical and dental practices. The Project site is located in a Medically Underserved Area (MUA) as characterized by the Health Resources and Services Administration (HRSA).
In the early 1960's, a group of doctors and businessmen purchased the site at 2516 Forest Avenue (now known as Martin Luther King Jr Boulevard) with the desire to build the Forest Avenue Hospital to serve the unmet needs of the growing Black population of South Dallas. At that time, opportunities for Black doctors to practice in Dallas' white hospitals were non-existent, and many of the white hospitals would not care for Black patients.
Established in 1964, the Forest Avenue Hospital was a proud and vital part of the South Dallas community. The Forest Avenue Hospital provided quality medical care to residents of the South Dallas community. Over the years, the fac...
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