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Title
Ordinance amending the FY 2017/2018 Capital Improvement Projects Budget; 380 Incentive Agreement for Epic West Towne Crossing, L.P. a Texas limited partnership, in the amount of $2,450,000
Presenter
Marty Wieder, Economic Development Director
Recommended Action
Approve
Analysis
Epic West Towne Crossing, L.P., a Texas limited partnership is a developer who owns a tract of land on the east and west side of President George Bush Turnpike between Warrior Trail and Mayfield Road on approximately 85 acres of land. As an incentive to create a stronger retail tax base for the property, the City proposes a $2,450,000 incentive. The incentive would be provided in the form of a performance based Section 380 agreement which would require the construction of at least a 500,000 square feet of commercial uses permitted under City Ordinance No. 10301-2017.
As part of the program, and in exchange for Developer's covenant to comply with the conditions and requirements, City shall make a total economic development grant payment in the amount of $2,450,000; $1,225,000 to be payable within 45 days of the contract execution and the remaining $1,225,000 10 months from execution of this agreement, provided that Company is continuously and diligently pursuing completion of the Project as of such date.
A separate agenda item 17-7368 is also on this December 12, 2017 Council agenda for the resolution of the 380 Incentive Agreement with Epic West Towne Crossing, L.P.
This item was discussed with the Committee Chair of the Finance and Government Committee on November 13, 2017 for review and recommendation for approval.
Financial Consideration
Funding in the amount of $2,450,000 is available as follows:
1. $2,000,000 is available in Street Capital Projects Fund (400192), WO #01807601 (Economic Incentive)
2. $450,000 is available by transferring and appropriating from the unobligated fund balance in the Street Capital Projects Fund (400192), WO #01807601 (Economic Incentive)
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE FY 2017/2018 CAPITAL IMPROVEMENT PROJECTS BUDGET BY TRANSFERRING AND APPROPRIATING $450,000 FROM THE UNOBLIGATED FUND BALANCE IN THE STREET CAPITAL PROJECTS FUND (400192) WO #01807601 (ECONOMIC INCENTIVE)
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. THAT THE FY 2017/2018 Capital Improvement Projects Budget be amended by transferring and appropriating $450,000 from the unobligated fund balance in the Street Capital Projects Fund (400192) WO#01807601 (Economic Incentive)
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 9th DAY OF JANUARY 2018.