Agenda - City of Dallas

KEY FOCUS AREA:
Economic Vibrancy
AGENDA ITEM # 55
AGENDA DATE: February 22, 2012
COUNCIL DISTRICT(S): 3
DEPARTMENT:
Office of Economic Development
CMO: Ryan S. Evans, 670-3314
MAPSCO:
SUBJECT
53 B
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Authorize an amendment to the development agreement with GFD Opportunity II, LLC,
previously approved on April 28, 2010, by Resolution No. 10-1098, in Tax Increment
Financing Reinvestment Zone Number Sixteen (Davis Garden TIF District) to extend the
deadlines related to the completion of the Hillside West project and modify the
developer’s fees for the project from an amount not to exceed the lesser of $1,784,744
or 11% of the total cost of the project improvements to an amount not to exceed 11% of
the total cost of the project improvements - Financing: No cost consideration to the City
BACKGROUND
On April 28, 2010, City Council approved GFD Opportunity II, LLC’s request for
$1,600,000 in TIF reimbursement for the development of the Hillside West senior
housing project. The project will include the following improvements at 4512 West
Davis Street: (1) environmental remediation activities that will consist of the assessment
and removal of environmental hazards; (2) construction of a senior housing
development and clubhouse within a 4-story building. The building will contain
approximately 104,086 square feet in total residential rental space and 130 affordable
housing units. The clubhouse will measure approximately 7,000 square feet and
contain the housing development’s leasing office, a business center, and a fitness
center. The common area will also include an outdoor pool adjacent to the clubhouse, a
circulation/mechanical area that will measure approximately 23,536 square feet and the
housing development’s corridors, lobbies, elevators, etc.; and (3) infrastructure,
streetscaping, and landscaping improvements that will consist of the burial of overhead
utilities; the construction of water utilities, storm water drainage, sanitary sewers and
new sidewalks; the replacement and repair of existing sidewalks; the planting of native
plants and trees; and the addition of pedestrian lighting. The new sidewalks for the
development project shall be a minimum of 12’ measured from the back of the curb and
include a minimum 3-foot wide landscaping/pedestrian lighting zone adjacent to the
curb and a minimum 7-foot wide pedestrian zone.