Agenda - City of Dallas

COUNCIL CHAMBER
February 22, 2012
WHEREAS, the City recognizes the importance of its role in local economic
development; and
WHEREAS, on June 13, 2007, the City Council authorized the establishment of Tax
Increment Financing Reinvestment Zone Number Sixteen (the Davis Garden TIF
District) in accordance with the Tax Increment Financing Act, as amended, V.T.C.A
Texas Tax Code, Chapter 311 (the “Act”) to promote development and redevelopment
in the District through the use of tax increment financing by Ordinance No. 26799, as
amended; and
WHEREAS, on February 27, 2008, the City Council authorized the Davis Garden TIF
District Project Plan and Reinvestment Zone Financing Plan by Ordinance No. 27090,
as amended; and
WHEREAS, on November 9, 2009, the City Council authorized (1) a development
agreement with the Kessler Theater, LLC to dedicate future TIF revenues for eligible
project costs related to environmental remediation and demolition, historical façade, and
infrastructure improvements at 1214 West Davis Street and 1215 West 7 th Street in Tax
Increment Financing Reinvestment Zone Number Sixteen (Davis Garden TIF District);
and (2) the Davis Garden TIF Board of Directors to dedicate up to $199,643 from future
Davis Garden TIF revenues in accordance with the development agreement in an
amount not to exceed $199,643 by Resolutions Nos. 09-2762-01 and 09-2762-02; and
WHEREAS, on June 2, 2011, the Davis Garden TIF Board of Directors reviewed the
status of the Kessler Theater’s renovation and authorized the Director of the Office of
Economic Development to extend the related deadlines by six months for good cause in
accordance with Section 2.J. of the executed development agreement with the Kessler
Theater, LLC; and
WHEREAS, on December 12, 2011, the Davis Garden TIF Board of Directors
recommended City Council consideration and approval of an amendment to the
development agreement with the Kessler Theater, LLC; and
WHEREAS, in furtherance of the Davis Garden TIF District Project Plan and
Reinvestment Zone Financing Plan, the City desires to reimburse the Kessler Theater,
LLC for the costs of environmental remediation, historical façade, and infrastructure
improvements at 1214 West Davis Street and 1215 West 7 th Street in the Davis Garden
TIF District.
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS: