Agenda - City of Dallas

BACKGROUND (Continued)
Although the project received a low-income housing tax credit from the Texas
Department of Housing and Community Affairs, the agency’s process for approving the
tax credit assistance created an unexpected delay in the start of its construction. The
requested extensions to the project deadlines will resolve this issue.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 13, 2007, the City Council authorized the establishment of Tax Increment
Financing Reinvestment Zone Number Sixteen, the Davis Garden TIF District by
Ordinance No. 26799, as amended.
On February 27, 2008, the City Council authorized the Project Plan and Reinvestment
Zone Financing Plan for the Davis Garden TIF District by Ordinance No. 27090, as
amended.
On April 28, 2010, the City Council authorized (1) a development agreement with GFD
Opportunity II, LLC to dedicate future TIF revenues for eligible project costs related to
environmental remediation, infrastructure and public right-away improvements located
at 4512 West Davis Street in Tax Increment Financing Reinvestment Zone Number
Sixteen (Davis Garden TIF District); and (2) the Davis Garden TIF District Board of
Directors to dedicate up to $1,600,000 from future Davis Garden TIF District revenues
in accordance with the development agreement in an amount not to exceed $1,600,000
by Resolution Nos. 10-1098 and 10-1099.
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 GFD Opportunity II, LLC.
On February 6, 2012, a memo was submitted to the Economic Development Committee
regarding the amendment to the development agreement with GFD Opportunity II, LLC.
FISCAL INFORMATION
No cost consideration to the City
Agenda Date 02/22/2012 - page 2