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 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; 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 GFD Opportunity II, LLC; and
WHEREAS, in furtherance of the Davis Garden TIF District Project Plan and
Reinvestment Zone Financing Plan, the City desires to reimburse the GFD Opportunity
II, LLC for the costs of environmental remediation, infrastructure and public right-away
improvements at 4512 West Davis Street (or the project’s final address if different) in
the Davis Garden TIF District.
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS: