Agenda - City of Dallas

Exhibit A
Downtown Connection TIF District
FY 2011 Annual Report
amended application to the U.S. Department of Housing and Urban Development
(HUD) for a Community Development Block Grant Section 108 Guarantee Loan
Program loan in the amount of $11,750,000 to fund a loan for Hamilton Atmos LP
for development of the Atmos Lofts project to convert 3 vacant commercial
buildings located at 301 South Harwood Street, 1915 Wood Street, and 1815
Wood Street into a mixed-use project including 9,500 square feet of bottom floor
retail space, 123 apartment homes above the retail space with 63 apartment
units deed restricted for 15 years for affordability to families with incomes at 80%
or less of Area Median Family Income as established by HUD, and 199 parking
spaces and to fund property acquisition, site work, housing rehabilitation, and
interest reserve; and at the close of the public hearing, authorize (1) submission
of an amended application to HUD for a CDBG Section 108 Guarantee Loan
Program loan for Hamilton Atmos LP in an amount not to exceed $11,750,000;
and (2) the City Manager to submit the application and take necessary actions in
connection with the application submission.
• On May 25, 2011, City Council approved Resolution No. 11-1345, authorizing
Atmos Complex redevelopment project located at 1900 and 1916 Jackson
Streets, 301 South Harwood Street, 1915 and 1815 Wood Streets to clarify that
each phase of the Atmos Complex is independent, completion of Phase II of the
project is not a requirement for reimbursement of Phase I of the project and the
TIF reimbursement of $15,000,000 plus interest up to $8,000,000 for a total
incentive amount of $23,000,000 which is split amongst the project phases as
follows: Phase I - $3,250,000 plus interest and Phase II - $11,750,000 plus
interest.
• On June 22, 2011, City Council approved Resolution No. 11-1746, authorizing
(1) a development agreement with Ricchi Development Group, LLC, to dedicate
future TIF revenues for eligible project costs related to environmental remediation
and demolition, façade restoration, street and utility improvements and an
Economic Development TIF Grant to provide funding for the redevelopment of
1914 Commerce Street (Former Statler Hilton Hotel building) located in Tax
Increment Financing Reinvestment Zone Eleven (Downtown Connection TIF
District), and (2) the Downtown Connection TIF District Board of Directors to
dedicate an amount not to exceed $13,168,950 from future Downtown
Connection TIF District revenues, a portion in the form of a TIF Economic
Development grant, in accordance with the development agreement - Not to
exceed $13,168,950.
• On June 22, 2011, City Council approved Resolution No. 11-1747, authorizing a
resolution declaring the intent of Tax Increment Financing District Reinvestment
Zone Number Eleven (Downtown Connection TIF District) to reimburse Ricchi
Development Group, LLC up to $13,168,950 for TIF-eligible project costs
pursuant to the development agreement with Ricchi Development Group, LLC.
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