24-3648

Upcoming Agenda Item: 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 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, (2) extend various material dates and deadlines, (3) transfer an amount not to exceed $1,750,000.00 from the Dallas Water Utilities ARPA Redevelopment Fund to the Public/Private Partnership Fund, and (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 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 (City Council District 8) [Robin Bentley, Assistant City Manager (I); Kevin Spath, Director (I), Office of Economic Development]

BRIEFING MEMORANDUM Agenda Ready Introduced November 19, 2024

What this record is

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