From
max
Title
Resolution accepting the TIF Board Reccomendation and authorizing the City Manager to amend the Economic Development Agreement with CHI-Wildlife Park, L.P. for upsizing the trail system connecting the existing trail at Belt Line to Wildlife Parkway
Presenter
Bill Crolley, Deputy City Manager
Recommended Action
Approve
Analysis
On February 4, 2014 the City Council approved a resolution for an economic development agreement with CHI/Wildlife Park, L.P. Crow Holdings (CHI/Wildlife Park, L.P.) is a developer working with the City to develop approximately 220 acres of land in the flood plain on the west side of Belt Line road across from Lone Star Park. Financial assistance was provided to the developer through participation in Tax Increment Finance District Number One (TIF #1) and a Chapter 380 agreement.
One of the provisions in the agreement included the Developer requirement to construct an 8' trail along the western edge of the property that would connect the existing Ruthe Jackson Trail to Beltline Road to Wildlife Parkway to the West.
After the 2014 Agreement was approved, the Parks Department working with the NCTCOG's request that the trail to be expanded to 12' and be incorporated into the veloweb trail system that will connect Fort Worth to Dallas. The original Developer will still be responsible for their original contribution. The additional TIF funding will be for the additional 4' of concrete, revised alignment to meet NCTCOG standards, landscping and street furniture to be installed by the Parks Department. We anticipate a substantial savings by allowing the Developer have this trail construction and concrete poured as part of their development construciton.
The alignment of the trail is included for your review.
On June 12, 2019 the Board of Directors of City of Grand Prairie Tax Increment Financing District 1 approved the Ruthe Jackson Trail estimated cost of $1,075,000. The project includes an 8,880 LF, 12-foot w...
Click here for full text