24-3637

Authorize amendments to Resolution No. 22-1008 previously approved on June 22, 2022 authorizing a development agreement (“Agreement”) and all other necessary documents, upon approval as to form by the City Attorney, with I-20 Lancaster Development, LLC and/or its affiliates ("Developer"), related to the University Hills Phase I catalyst project (“Project”) on property generally bounded by Interstate Highway 20 (Lyndon B. Johnson Freeway), Lancaster Road, and the DART rail line (“Project site”) to: (1) increase the City Subsidy by $1,750,000.00 from an amount not to exceed $34,210,966.00 to an amount not to exceed $35,960,966.00 by increasing the economic development grant payable from the City’s Public/Private Partnership Fund (“PPP Grant”) by $1,750,000.00 from an amount not to exceed $2,800,000.00 to an amount not to exceed $4,550,000.00 and include the specific requirement for Developer to design, construct, and achieve City acceptance of the specific wastewater infrastructure improvement originally planned to be delivered by Dallas Water Utilities (Project Area 75-4-C in the 2020 Unserved Areas Program); (2) extend various material dates and deadlines; (3) transfer an amount not to exceed $1,750,000.00 from the ARPA Redevelopment Fund to the Public/Private Partnership Fund; (4) make other corresponding modifications, and, in consideration; (5) increase the Developer's minimum investment requirement by $2,000,000.00, from $60,000,000.00 to $62,000,000.00; (6) amend the Minimum Vertical Requirements to require the Developer to prepare and sell an additional 50 residential sites to third-party builders for the construction of single-family homes; and (7) amend the Minimum Vertical Requirements to require the Developer to construct a community amenity center with a pool - Not to exceed $1,750,000.00 - Financing: Public/Private Partnership Fund ($1,750,000.00)

ITEMS FOR INDIVIDUAL CONSIDERATION Approved Introduced November 18, 2024

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