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)

What this record is

Held by

I-20 Lancaster Development, LLC 2 records across this site

Amount

$34.2M

Runs until

Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗

Type

amendment

Field

Construction

construction contracts in TX that end within a year →
Governments publish the end date in the award. That date is when the work goes back out to bid, and it is usually stated years ahead.

Read automatically from the title of the official record. The source document below is authoritative.

I-20 Lancaster Development, LLC also holds

Upcoming Agenda Item: Authorize amendments to Resolution No. 22-1008 previously approved on June 22, 2022 authorizing a development agreement (“Agreem… $34.2M Dallas, TX

Committee

Office of Economic Development

Requested by

Office of Economic Development (ECO)

Introduced

November 18, 2024

On agenda

December 11, 2024

Enactment no.

24-1812; APPROVED

Where it was heard

City Council Dec 11, 2024

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