Agenda Item Description
Authorize (1) designating approximately 4.43 acres of property currently addressed as 1445 Ross Avenue as City of Dallas Neighborhood Empowerment Zone No. 24 (�NEZ No. 24�) and approximately 2.26 acres of property currently addressed as 2401 McKinney Avenue, 2421 McKinney Avenue, 2425 McKinney Avenue, 2507 Fairmount Street, and 2515 Fairmount Street as City of Dallas Neighborhood Empowerment Zone No. 25 (�NEZ No. 25�), pursuant to Chapter 378 of the Texas Local Government Code, to promote an increase in economic development in the zone, establish boundaries for the zone, and provide for an effective date for the zone; (2) an economic development incentive agreement with Morgan Stanley Services Group Inc. or an affiliate thereof (�Morgan Stanley� or �Grantee/BPP Owner�) to include: (a) a business personal property (�BPP�) tax abatement for a period of five years in an amount equal to the City taxes assessed on 90% of the added taxable value of the business personal property resulting from Morgan Stanley �s Phase I Project; (b) a business personal property tax abatement for a period of ten years in an amount equal to the City taxes assessed on 90% of the added taxable value of the business personal property resulting from the Morgan Stanley�s Phase II Project; (c) a Chapter 380 economic development grant in an amount not to exceed $18,500,000.00 consisting of: (i) an amount not to exceed $10,000,000.00 for job relocation and/or creation; (ii) an amount not to exceed $7,500,000.00 in lieu of a real property tax abatement; and (iii) an amount not to exceed $1,000,000.00 to reimburse actual permitting, inspections, and development fees, in consideration of the job relocation /creation and investment associated with Morgan Stanley�s establishment and operation of a new temporary regional office at 1445 Ross Avenue in NEZ No. 24 (�Phase I Project�) and a new permanent regional office at 2401 McKinney Avenue, 2421 McKinney Avenue, 2425 McKinney Avenue, 2507 Fairmount Street, and 2515 Fairmount Street in NEZ No. 25 (�Phase II Project�); and (3) the City�s nomination of Morgan Stanley�s Phase I Project for designation as an Enterprise Zone project and the City�s nomination of Morgan Stanley�s Phase II Project for designation as a triple jumbo Enterprise Zone project under the Texas Enterprise Zone Act, as amended by the Office of the Governor, Economic Development and Tourism division, through the Texas Economic Development Bank; in accordance with the City�s Economic Development Incentive Policy - Total not to exceed $18,500,000.00 - Financing: Public/Private Partnership Fund; Estimated Revenue Foregone: $700,000.00 over a five-year period (Phase I), $4,100,000.00 over a ten-year period (Phase II)
