STRATEGIC PRIORITY: Economic Development
AGENDA DATE: March 27, 2024
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize amendments to the City of Dallas Economic Development Incentive Policy: (1) necessary to implement the 2024 Economic Development bond proposition; (2) to reflect recent changes to state law; (3) to make minor program updates and add cost recovery provisions; and (4) to implement general updates and clarifications - Financing: No cost consideration to the City
Body
BACKGROUND
On January 25, 2023 the City of Dallas (the "City") approved the City of Dallas Economic Development Incentive Policy ("Incentive Policy") to better align the City's economic development incentive toolbox with the newly-adopted Economic Development Policy goals to incentivize and support development throughout the City with a focus on southern Dallas and other underinvested areas.
Staff recommends several amendments to the Incentive Policy:
1. Amendments Required to Implement the 2024 Bond. To expend funds for affordable housing under the 2024 Bond Program's Economic Development Proposition, the City must amend the Incentive Policy to acknowledge that the Dallas Housing Resource Catalog: Programs, Corporations, Compliance & Funding Tools, carried out in accordance with the Dallas Housing Policy 2033 is a "program" under Chapter 380 of the Texas Local Government Code.
2. Amendments Reflecting State Legislative Updates. During the 88th regular legislative session, Senate Bill 543 amended Chapter 253 of the Texas Local Government Code to add Section 253.0125. This statute allows the City of Dallas to convey property to a party with which it has entered into a Chapter 380 Agreement, and consideration for the conveyance is to use the property in a manner that primarily promotes a public purpose of the city related to economic developm...
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