25-1905A
Authorize amendments to Resolution No. 24-0356 previously approved on February 28, 2024 authorizing a tax increment financing (“TIF”) development agreement and all other necessary documents with UCR Development Services LLC and/or its affiliates (“Developer”) in an amount not to exceed $1,778,000.00 (“TIF Subsidy”), related to the Lancaster-Corning Retail Development Project (“Project”) on property currently addressed as 3011 through 3039 South Lancaster Road (“Property”) to: (1) amend the City’s economic development incentive funding from a TIF development agreement sourced from the TOD TIF District Fund to a Chapter 380 economic development grant agreement (“Grant”) sourced from the ECO (I) Fund (2017 General Obligation Bond Fund); (21) increase the City’s economic development incentive TIF Subsidy by $817,901.00 from an amount not to exceed $1,778,000.00 to an amount not to exceed $2,595,901.00; (32) amend the minimum project requirements by (a) reducing the required minimum gross square footage from 11,000 square feet to 4,900 square feet, (b) adding specific requirements for the new ground-up construction of two build-to-suit buildings (core and shell only) specifically including a minimum 2,900 gross square foot build-to-suit building for Frost Bank (“Building A”) and a minimum 2,000 gross square foot build-to-suit building for Wingfield’s Breakfast and Burger (“Building B”); (43) reduce Developer’s required minimum investment from $4,000,000.00 to $2,700,000.00; (54) extend Developer’s deadline to close on the acquisition of the Property from June 30, 2024 to December 31, 2025; (65) extend Developer’s deadline to replat the Property, if necessary, and obtain a building permit for the Project from December 31, 2025 to December 31, 2026; (76) extend Developer’s deadline to complete construction of the minimum project requirements from December 31, 2027 to December 31, 2028; (87) clarify that Building A and Building B shall be completed by Developer to a ready-for-tenant-finish-out condition by the December 31, 2028 deadline instead of to an occupiable condition, and in consideration; (98) increase the Developer’s good faith effort goal for participation by certified Minority/Women-Owned Business Enterprises (“M/WBEs”) for all hard construction expenditures from 40% to 50%; (109) add a good faith effort goal of 50% city of Dallas residents hired for the opening of Frost Bank and the opening of Wingfield’s Breakfast and Burger; and (1110) add a requirement that Developer execute a minimum 10-year lease to secure Wingfield’s Breakfast and Burger as the tenant for Building B, in accordance with the City’s Economic Development Incentive Policy - Not to exceed $817,901.00 - Financing: ECO (I) Fund (2017 General Obligation Bond Fund) TOD TIF District Fund (subject to annual appropriations from tax increments)
- Committee
- Office of Economic Development
- Requested by
- Office of Economic Development (ECO)
- Introduced
- May 21, 2025
- On agenda
- June 11, 2025
- Enactment no.
- 25-0940; CORRECTED; APPROVED