Memorandum. Schedule of the Proiect. Fiscal Information CITY OF DALLAS
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1 i Memorandum CITY OF DALLAS TO suweci Members of the Economic Development Committee: Ron Natinsky (Chair), Tennell Atkins (Vice-Chair), Dwaine Caraway, Jerry R. Allen, Sheffie Kadane, Mitchell Rasansky, Linda Koop, Steve Salazar Authorize a Development Agreement with Uptown Dallas lnc. for Blackburn Median Improvements - Cityplace Area TIF District; Agenda Item, August 13,2008 On August 13, 2008, the Dallas City Council will consider authorizing a development agreement with Uptown Dallas Inc. for improvements to two medians in Blackburn Street. Currently the two medians spanning from the intersection of Blackburn Street and Noble Avenue to the intersection of Blackburn Street and Cole Avenue have brick centers void of landscaping. Uptown Dallas Inc. has requested $50,000 in TIF funds for the improvement of these medians. The improvement district has landscaped and maintains fourteen medians within the district, including a median in Blackburn Street, located between North Central Expressway and Noble Avenue. The total cost for the two median improvements is $1 13,000, with $1 03,000 for construction costs and $10,000 for design. Uptown Dallas Inc. is asking for a portion of the construction costs to be repaid by TIF funds, while the remaining project costs will be funded by the improvement district. On May 29, 2008, the Cityplace Area TIF District Board of Directors reviewed the proposed improvement project and recommended City Council's consideration of a development agreement with Uptown Dallas Inc. and Cityplace Area TIF District's participation in the project. Schedule of the Proiect Begin Construction September 2008 Complete Construction January 2009 Fiscal Information $50,000 - Cityplace Area TIF District Funds andfor Tax lncrement Bonds Funds are requested to be dedicated to the Uptown Dallas Inc. Blackburn Street Median Improvement project; repayment of private investment will derive solely from Cityplace Area TIF District Fund andlor Tax lncrement Bond Funds.
2 Development Agreement with Uptown Dallas Inc. Cityplace Area TIF District August 1,2008 Page 2 of 2 Uptown Dallas Inc. - Blackburn Street Median Improvement Project Design Construction Totals Project Costs $1 0,000 $1 03,000 $1 13,000 TIF Amount Requested $0 $50,000 $50,000 Amount Recommended for Approval $0 $50,000 $50,000 STAFF Karl Stundins, Manager, Area Redevelopment Division Tamara L. Leak, Economic Development Analyst APPLICANT Uptown Dallas Inc. Tracy Curts Executive Director DEVELOPER Uptown Dallas Inc. Tracy Curts Executive Director RECOMMENDATION Staff recommends approval of the subject item. questions. Please contact me if you have any Ussistant City Manager C: The Honorable Mayor and Members of the City Council Mary K. Suhm, City Manager Deborah Watkins, City Secretary Tom Perkins, City Attorney Craig Kinton, City Auditor Judge Jay Robinson, Judiciary Ryan S. Evans, First Assistant City Manager David 0. Brown, lnterim Assistant City Manager Ramon Miguez, P.E., Assistant City Manager Jill A. Jordan, P.E., Assistant City Manager Dave Cook, Chief Financial Officer Jeanne Chipperfield, Interim Budget Director, Office of Financial Services Karl Zavitkovsky Director, Off ice of Economic Development Hammond Perot, Assistant Director, Office of Economic Development Vernae Martin, Assistant Director, Office of Economic Development Helena Thompson, Assistant to the City Manager "Dallas, Together, we do it better."
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5 Memorandum CITY OF DALLAS TO Members of the Economic Development Committee: Ron Natinsky (Chair), Tennell Atkins (Vice Chair), Jerry R. Allen, Dwaine Caraway, Sheffie Kadane, Linda Koop, Mitchell Rasansky and Steve Salazar SUBJECT Authorize a Development Agreement with Bishop Colorado Retail Plaza, L.P. for the Development of a Retail Canter at 1222 N. Bishop Avenue in the Oak Cliff Gateway TIF District - August 13,2008 City Council On August 13, 2008, the City Council will consider authorizing a development agreement with Bishop Colorado Retail Plaza, L.P., in an amount not to exceed $350,000, payable from future Oak Cliff Gateway TIF funds, in consideration of the development of Bishop Colorado Retail Plaza, a 14,950 square foot retail center located at 1222 N. Bishop Avenue. Bishop Colorado Retail Plaza, L.P., is a Texas limited partnership, acting by and through its general partner, Berlin Interests, a Texas corporation. Ronald P. Berlin is the President of Berlin Interests. Bishop Colorado Retail Plaza, L.P., plans to construct the Bishop Colorado Retail Plaza on a vacant parcel located at 1222 Bishop Avenue. This parcel is located across Colorado Boulevard from Methodist Medical Center at Bishop Avenue. The retail center will consist of approximately 14,950 square feet of space. The total private investment will be approximately $4,500,000. The cost of related TIF eligible public improvements is approximately $350,000. These improvements include, but are not limited to Design, Engineering, Professional Services, Water, Wastewater and Storm Water Improvements, Paving and Streetscape Improvements. The $350,000 total amount of TIF funds pledged or dedicated to the Bishop Colorado Retail Plaza project is based on the estimated expenditures to be incurred by, Bishop Colorado Retail Plaza, L.P., on eligible TIF project costs such as public infrastructure improvements including sidewalks, lighting, streetscape, and utility enhancement; plus design, engineering and construction management. On August 23, 2006, the City Council approved Resolutions No and , which approved a development agreement with Belclaire Realty, LTD for the development of the 1222 N. Bishop property as a small mixed use project. The development was not completed and the authorization for TIF subsidy expired. The developer will obtain a building permit and begin construction by December 31, The developer will use reasonable efforts to obtain a final certificate of acceptance for the retail center and all associated public improvements by December 31, The developer will execute and fund an Operating and Maintenance Agreement for all non-standard public improvements by the date of the Certificate of Occupancy for the retail development.
6 Oak Cliff Gateway TIF District - Bishop Colorado Retail Plaza, L.P., Development Agreement Page 2 In addition to complying with MNVBE Fair Share Effort goal of 25% for the TIF reimbursable improvements, Bishop Colorado Retail Plaza, L.P shall make a good faith effort to comply with the Oak Cliff Gateway TIF District MNVBE Fair Share policies for the private improvement construction with a participation goal in an amount of 10% of total private expenditures. Schedule of Proiect Begin construction: December 2008 Complete construction: December 2009 Fiscal Information Development Agreement - Cost Consideration to the City - $350,000, Oak Cliff Gateway TIF District Finds Karl Stundins, Manager, Area Redevelopment Division Stan Prichard, Economic Development Analyst Recommendation Attachments Location Map Vertical Rendering Site Plan The Honorable Mayor and Members of the City Council Mary K. Suhm, City Manager Deborah Watkins, City Secretary Tom Perkins, City Attorney Craig Kinton, City Auditor Judge Jay Robinson, Judiciary Ryan S. Evans, First Assistant City Manager David 0. Brown, Interim Assistant City Manager Ramon Miguez, P.E., Assistant City Manager Jill A. Jordan, P.E., Assistant City Manager Dave Cook, Chief Financial Officer Jeanne Chipperfield, lnterim Budget Director, Office of Financial Services Karl Zavitkovs ky Director, Office of Economic Development Hammond Perot, Assistant Director, Office of Economic Development Vernae Martin, Assistant Director, Office of Economic Development Helena Thompson, Assistant to the City Manager Dallas - Together, we do it better
7 Oak Cliff Gateway TIF District - Bishop Colorado Retail Plaza, L.P., Development Agreement Page 3 I Project Location Oak Cl6i Gateway TLF Boundary Office of Emmc Oevelopment July 2006 CT'grW*lt Dallas - Together, we do it better
8 Oak Cliff Gateway TIF District - Bishop Colorado Retail Plaza, L.P., Development Agreement Page A,.. Dallas - Together, we do it better
9 Basic Assumptions: Bishop Colorado Retail Plaza 1222 North Bishop Avenue Dallas, Texas Acauisition / Development Size - awes Gost-5 Site Acquisition ,185,000 Hard Costs - Excluding Public Improvements 2,022,663 Soft Costs 230,000 Subtdel of PRIVATE AcquIsitlon & Development Cost 4,437,663 Public Improvement Costs 350,000 Toter Acquisiikm 6 Development Cost 4,787,663 EuuiQ - Debt TIF Contributron for Public Improvements 350,000 Remaintng Cash Equity Requirement 1,331,299 TOW Equity Contn'bution 9,681,299 Estimated Loan to Cost Ratio Loan Amount Rate Amohtion Monthly Payment 70% 3,106, % 25 years 21,462 Occupancy Commencement 7/1/2009 eslimeted Tenant Size Pmpcted Rent/sf Yr 3-4 Yr 56 Yr 7-8 Yr 9-10 Bank 2,660 $ $ $ $ $ talired Value Retail 9,140 $ $ Tdal Retail 14,950 Terminal Cap Rate Cost of Reversion
10 Tenant Rent Roll 1 Tenant Nsme Address Ratable Pmportiolutc Lcasc Dates ScbcduM Basc Rent Renewal Lusc or Suite A4s.f. Share % &pin End Beginning Monthly Annual Annual per SF Option Type 1 Bank 1 2, % July 1,2009 June 30,2019 July 1,2009 S $74, $ yr@ NNN July 1,2011 $6, , $29 00 FMV July 1,2013 $ $79, $30.00 July 1,2015 $6, , July 1,2017 $7, S85, $ Retail 2-5 9, % July 1,2009 June 30,2014 July 1,2009 $16, $201, $22.00 None NNN July 1,2014 June 30,2019 July 1,2014 $18, $219, $ Restaurant 6 3, % July 1,2009 June 30,2019 July 1,2009 $7, , None NNN July 1, , $88, $28.00 July $7, $91, $29.00 July 1,2015 $7, S94, $30.00 July 1,2017 $8, $ 100, $32.00 Current Omupled Current Vacant ]~umnt Totals 14,950 lw/p 14,950 0 Current S30, $360, $24 12 ($0 (st) (sf) r (avenrge)
11 Operating Expense Summary 1222 North Bishop Avenue Dallas, Texas Increase Annual Expenses by: ("Ot rnd* htgint Fcs) 3.0% percent each fiscal year Year 1 Year 2 Year 3 Year 4 Year 5 Operating Expenses Ending June CAM Maintenance Year 1 CAM $ 2.50 psf 37, , , , , Total CAM Maintenance 1 37, , , , , Taxes & Insurance Year 1 Property $ 2.25 psf 34, , , , , Year 1 Property $ 0.40 psf 6, , , , , Total Taxes & Insurance f 40, , , , , SuMotel Expenses: 78, , , , , Management 4% of GI I 18, , ( 19, , , Total Expsnses: 97, , , , ,729.92
12 1222 North Bishop Avenue Dalias, Texas Cash Flow Analysis Five Year Analysi: FWYU~E~~YI~ Jum JU~, ~un J U ~ JUW Potentml Grw Revenue Bas8 Rental Revenue 360, , Sdtttduled BBsa Rentai Revenue 360, , ,230 Expense Recaptm Revenue GAM Taxes Insurance Mgmt Fee 18l ?9, ,774 Total Reaptwe Revenue 97,001 99, ,214 f ,730 Tobl Potentii Gross Revenue , w V a c a n c y 8 ~ L ~ 3% ,059 14, ERedtve G m Revewe , Q3 485, ,359 mbna - CAM Taxes Insurance, Mgmt Fee Total Operatinj~ Ekpenses iasr AnnualOebtSenrice 257, h CaprtalReserves s0.15 2,243 2,310 2,379 2,450 2,524 epwb Total Costs , , , ,071 lifbttu;ll euh Flow 114, , S60 126,568 Revem Value at EOY C~D Rate Caprtalii V W 7.50% 4, ,073,054 5,074,091 5,155,051 5, krss Costof RBWM 6.0% , , , ,451 h Outstanding Loan Balanca EOY 3,073,817 3,022,175 2,966,937 2,907,853 2,844,655 R.MRion Ptwoed Value 1,818,809 1,746, M) 1,937, %406 Wvnrll Prrdsct Return Vatuep Annual Cerrh on Cash fbam (NO Revemon) QveraU Prqect Internal Rate of Return (IRR) 30.20% 22.61% 18.59% 17.58% 18.35% " ~V.Lnuen,brssdOnofaPmrah,EquilySJlMarof S W
13 Land & Building Values 1222 North Bishop Avenue Dallas, Texas Building Size: 14,950 sq. ft. Acquisition Cost 2,185,000 Development Cost (Public & Private) 2,602,663 Total Project Cost (Acquisition/Public/Private): 4,787,663 Land Size: acres sq. fi North Bishop Avenue ,569 Totals: ,569 Entire Project Cost divided by Total Land Size (sf) Entire Project Cost divided by Building Size (sf) Acquisition Cost divided by Total Land Size (sf) dr~rded Total DeveIopment Cost by Building Size (sf)
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15 Memorandum CITY OF DALLAS TO Members of the Economic Development Committee: Ron Natinsky (Chair), Tennell Atkins (Vice Chair), Jerry R. Allen, Dwaine Caraway, Sheffie Kadane, Linda Koop, Mitchell Rasansky and Steve Salazar S~~JECT Authorize extension of the Section 108 and Community Development Block Grant (CDBG) loan agreements for the Texas Theatre Project - August 13, 2008 City Council On August 13, 2008, the City Council will consider authorizing an amendment to the Section 108 and Community Development Block Grant (CDBG) loan agreements with the Oak Cliff Foundation, Inc. funded by the U.S. Department of Housing and Urban Development, to extend the project completion deadline from December 31, 2006 to September 30, 2009 to complete the renovation of the Texas Theatre project located at 231 West Jefferson Boulevard. BACKGROUND The Texas Theatre renovation project is a collaborative venture to renovate the 73 year old 12,000 square-foot Texas Theatre to create an aesthetically pleasing and historically significant facility to meet the needs of local artists and to provide performance art space. The Oak Cliff Foundation Inc. was awarded $1,600,000 in grants and loans from Neighborhood Renaissance Program funds from the US Department of Housing and Urban Development to the City of Dallas in the amount of $25,000,000. The funds were designated for the renovation of the Texas Theatre and were to be used for land acquisition, site preparation and professional services. The Section 108 contract expired on December 31, Texas Theatre is an historic landmark where Lee Harvey Oswald was captured after the assassination of President John F. Kennedy. On December 14, 2005, the City Council authorized amendments to the Neighborhood Renaissance Partnership Program Section 108 contract to extend the deadlines for the completion of renovations to the Texas Theatre funded by Section 108 Loan Guarantee funds from June 30,2005 to December 31, 2006 and to enter into an agreement with the Oak Cliff Foundation Inc. (OCF) to use ED1 funds for additional renovation costs related to the Texas Theatre project by Resolution No
16 Authorize extension of Section 108 and Community Development Block Grant (CDBG) loan agreements for Texas Theatre Project Page 2 FISCAL INFORMATION No cost consideration to the City COUNCIL DISTRICT 1 - Dr. Elba Garcia STAFF Lee McKinney, Assistant Director Francisco Carrillo, Economic Development Analyst RECOMMENDATION Staff recommends approval of the subject item. ave any questions or concerns, please contact me at (21 4) C: The Honorable Mayor and Members of the City Council Mary K. Suhm, City Manager Deborah Watkins, City Secretary Tom Perkins, City Attorney Craig Kinton, City Auditor Judge Jay Robinson, Judiciary Ryan S. Evans, First Assistant City Manager David 0. Brown, lnterim Assistant City Manager Ramon Miguez, P.E., Assistant City Manager Jill A. Jordan, P.E., Assistant City Manager Dave Cook, Chief Financial Officer Jeanne Chipperfield, lnterim Budget Director, Office of Financial Services Karl Zavitkovsky Director, Office of Economic Development Hammond Perot, Assistant Director, Office of Economic Development Lee McKinney, Assistant Director, Office of Economic Development Helena Stevens-Thompson, Assistant to the City Manager Dallas - Together, we do it better
commence construction of multi family housing, mixed use retail and a skills
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