Agenda Item Description
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) 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; (2) 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�); (3) reduce Developer�s required minimum investment from $4,000,000.00 to $2,700,000.00; (4) extend Developer�s deadline to close on the acquisition of the Property from June 30, 2024 to December 31, 2025; (5) 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; (6) extend Developer�s deadline to complete construction of the minimum project requirements from December 31, 2027 to December 31, 2028; (7) 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; (8) 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%; (9) 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 (10) 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: TOD TIF District Fund (subject to annual appropriations from tax increments)
