iu(b February 22, 2012

Transcription

1 COUNCIL CHAMBER iu(b I February 22, 2012 WHEREAS, the City recognizes the importance of its role in local economic development; and WHEREAS, on June 13, 2007, the City Council authorized the establishment of Tax Increment Financing Reinvestment Zone Number Sixteen (the Davis Garden TIE District) in accordance with the Tax Increment Financing Act, as amended, V.T.C.A Texas Tax Code, Chapter 311 (the Act ) to promote development and redevelopment in the District through the use of tax increment financing by Ordinance No , as amended; and WHEREAS, on February 27, 2008, the City Council authorized the Davis Garden TIE District Project Plan and Reinvestment Zone Financing Plan by Ordinance No , as amended; and WHEREAS, on November 9, 2009, the City Council authorized (1) a development agreement with the Kessler Theater, LLC to dedicate future TIE revenues for eligible project costs related to environmental remediation and demolition, historical façade, and infrastructure improvements at 1214 West Davis Street and 1215 West 7th Street in Tax Increment Financing Reinvestment Zone Number Sixteen (Davis Garden TIF District); and (2) the Davis Garden TIE Board of Directors to dedicate up to $199,643 from future Davis Garden TIF revenues in accordance with the development agreement in an amount not to exceed $199,643 by Resolutions Nos and ; and WHEREAS, on June 2, 2011, the Davis Garden TIE Board of Directors reviewed the status of the Kessler Theater s renovation and authorized the Director of the Office of Economic Development to extend the related deadlines by six months for good cause in accordance with Section 2.J. of the executed development agreement with the Kessler Theater, LLC; and WHEREAS, on December 12, 2011, the Davis Garden TIE Board of Directors recommended City Council consideration and approval of an amendment to the development agreement with the Kessler Theater, LLC; and WHEREAS, in furtherance of the Davis Garden TIE District Project Plan and Reinvestment Zone Financing Plan, the City desires to reimburse the Kessler Theater, LLC for the costs of environmental remediation, historical façade, and infrastructure improvements at 1214 West Davis Street and 1215 West 7 Street in the Davis Garden TIE District. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS:

2 COUNCIL CHAMBER 12O76 February 22, 2012 Section 1. That the City Manager, upon approval as to form by the City Attorney is hereby authorized to execute an amendment to the development agreement with the Kessler Theater, LLC, previously approved on November 9, 2009, by Resolution No , in Tax Increment Financing Reinvestment Zone Number Sixteen (Davis Garden TIE District) to: A. Extend the completion deadline for all required environmental remediation and demolition activities at the Project site from September 31, 2010 to July 1, B. Extend the completion deadline for all historical façade improvements at the Project site from January 1, 2012 to July 1, C. Extend the deadline to complete all streetscape improvements along West Davis Street and North Clinton Avenue and obtain a certificate of acceptance for these and other infrastructure improvements that are funded by reimbursements from the TIE fund or are located in the public right of way from January 1, 2012 to July 1,2012. D. Extend the deadline to execute and fund an operating and maintenance agreement for nonstandard public improvements associated with the Project from January 1,2012 to July 1,2012. E. Extend the deadline to lease 50% of the theater s commercial and office space from January 1, 2012 to July 1, Section 2. That Exhibit A to Resolution No, is hereby replaced by the Conceptual Site Plan attached hereto as Exhibit A. Section 3. That the facts and recitations contained in the preamble of this Resolution are hereby found and declared to be true and correct. Section 4. That all other terms and conditions as set forth in Resolution Nos and shall remain in full force and effect, except as specifically outlined in Section 1 above. Section 5. That the Director of the Office of Economic Development, after approval and recommendation of the Davis Garden TIE District Board of Directors, may authorize minor modifications to the project including the development site plan and/or an extension of the project deadlines up to six months. Section 6. That this resolution sbai1take effect immediately from and after its passage in accordance with the provisions of the City of Dallas, and it is accordinglyso resolved. EF

3 I r I FISCAL INFORMATION No cost consideration to the City OWNER Kessler Theater, LLC A Texas limited liability company Edwin Cabaniss, Managing Member DEVELOPER Kessler Theater, LLC A Texas limited liability company Edwin Cabaniss, Managing Member MAP Attached.

4 I.flk SflA. A. 44 e,t.ia. a4. Exhibit A Conceptual Site Plan.>..j_ *bkl A. b >4.4 h> 4 I I

5 t kca1*, caq,, A.t NCTCOG Funded Infrastructure Improvements \ _, 1 NCTCOGnded Improvements toa Kczr A.Icy Exhibit A Conceptual Site Plan Page 2