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?Aa349 Februarv 26.2020

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?Aa349 Februarv 26.2020 ?aa349 Februarv 26.2020 WHEREAS, the City recognizes the importance of its role in local economic development initiatives and programs including tax increment financing (TlF) districts; and WHEREAS, the City established Tax lncrement Financing Reinvestment Zone Number Twenty (Mall Area Redevelopment TIF District or District) and established a Board of Directors for the District pursuant to Ordinance No. 29340, authorized by the City Council on May 14,2014, as authorized by the TIF Act, Chapter 311 of the Texas Tax Code, as amended; and WHEREAS, on June 17, 2015, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for the Mall Area Redevelopment TIF District by Resolution No. 1 5-1145: Ordinance No. 29771; and WHEREAS, the TIF Act specifies that the governing body of a city shall submit an annual report on the financial status of the district to the Chief Executive Officer of each taxing jurisdiction that Ievies taxes on real property in a reinvestment zone and a copy of the report shall be forwarded to the State Comptroller; and WHEREAS, on January 6, 2020, the Mall Area Redevelopment TIF District Board of Directors passed a motion accepting the FY 2018-2019 Annual Report for Tax Increment Financing Reinvestment Zone Number Twenty (Mall Area Redevelopment TIF District) and recommended approval of same by the City Council. Now, Therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS: SECTION 1. That the FY 2018-2019 Annual Report for Tax lncrement Financing Reinvestment Zone Number Twenty (Mall Area Redevelopment TIF District), City of Dallas, Texas, as of September 30,2019, a copy of which is attached hereto (Exhibit A), is hereby accepted. SECTION 2. That the City Manager is hereby authorized to submit the FY 2018-2019 Annual Report for Tax Increment Financing Reinvestment Zone Number Twenty (Mall Area Redevelopment TIF District) to the Chief Executive Officer of each taxing jurisdiction that levies taxes on real property in the District and to the State Comptroller, as required by state law. SECTION 3. That this resolution shall take effect immediately from and after its passage in accordance with the provisions of the Charter of the City of Dallas, and it is accordingly so resolved. APPROVED BY CITY COUNCIL FEB 2 6 20?0 EXHIBIT A ? 00 34 9 MALL AREA REDEVELOPMENT TIF DISTRICT (REINVESTMENT ZONE NUMBER TWENTY) ANNUAL REPORT FY 2018-2019 City of Dallas Office of Economic Development 1500 Marilla Street, 2CN Dallas, Texas 75201 (214) 670-16e1 https ://www. d a I lasecodev. orq/ October 1,2018 to September 30, 2019 e00349 MallArea TIF District FY 2018-2019 Annual Report Table of Gontents District Map..... 3 Mission Statement 4 FY 2018-2019 District Accomplishments.... 5 Mixed-lncome Housing Summ ary... 8 Value and Increment Revenue Summary................ I Objectives, Programs, and Success lndicators....... Year-End Summary of Meetings and Council ltems Budget and Spending Status FY 2019-2020 Work Program Appendix A: Financials.......... Appendix B: Financial Obligations Appendix C: Sub-District-Wide Set Aside Funds 2 e 00 54 9 Mall Area Redevelopment TIF District FY 2018-2019 Annual Report District Map trtEllEtllElElali ;B E I r----ar- IF :6 .r._ rg a t t I I a I I T I mYcE i F : I I I I vLr uN I tl I o Leaend Aderial @Iffi t-r svb{htrict 8omdary - lc.l Roed w S!b.dhridP.rcel I I CitvdfDrlls< UFfltlt?+il:t*Fl?t aillit a a , a a a a PBEFqIR!o- a - lBoieo a o a€r crcnoe a a I , I ,a a g E I t F a. ..tt o f ,, ta ta , 4.4 a t a \ KSN$0d a a cosP€l" a \ nE a z?- %. t x 23 I E r rnF BodrN M bel Rmd 3 nrarrnrea neoeveropment rlr oistrict rY zora-zo4 Pnngarte$rt9 Mission Statement The MallArea Redevelopment Tax lncrement Financing District (TlF District) represents the City of Dallas' effort to encourage the sustainable redevelopment of properties including and around two obsolete shopping malls while taking advantage of each area's strategic regional location at the crossroads of key transportation corridors. As allowed by Chapter 311 of the Texas Tax Code, the TIF District comprises two non- contiguous sub-districts-the Montfort-lH 635 Sub-District for the Valley View Center Mall area in northern Dallas and the Westmoreland-lH 20 Sub-District for the Southwest Center Mall area in southern Dallas. The Montfort-lH 635 Sub-District is generally bounded by Alpha Road, Preston Road, Noel Road, and Interstate Highway 635 (LBJ Freeway).The Montfort-lH 635 Sub-District encompasses approximately 173.9 acres, not including rights-of-way. The Montfort-lH 635 Sub-District is recommended by and consistent with the City's adopted Valley View- Galleria Area Plan (2013) and serves as a long-term funding tool to help implement the shared vision for the area by further leveraging other implementation tools (PD 887 form- based zoning and Thoroughfare Plan amendments) enacted by the City Council. The Westmoreland-lH 20 Sub-District is generally bounded by Westmoreland Road, Camp Wisdom Road, Highway 67 (Marvin D. Love Freeway), and lnterstate Highway 20 (LBJ Freeway). The Westmoreland-lH 20 Sub-District encompasses approximately 96.6 acres, not including rights-of-way. The Westmoreland-lH 20 Sub-District is recommended by and consistent with the City-sponsored Advisory Services Panel report entitled "Southwest Center Mall" published by the Urban Land Institute (2009) and serves as a long-term funding tool to help implement many of the report's recommendations over time. The mission of the TIF District is to provide a source of funding for a program of public infrastructure improvements, economic development grants, and land acquisition/assembly for public open space, which is intended to stimulate private investment in each mall area to occur earlier and to a much greater extent than would occur solely through private investment in the reasonably foreseeable future. Originally, the Valley View Center Mall and the Southwest Center Mall were created by complex configurations of super-blocks, private land ownership, and reciprocal easement agreements that bound multiple owners together. Over the last decade as market conditions have shifted significantly, these same configurations have heavily burdened each mall area, making redevelopment and revitalization extremely difficult without public participation. With the assistance of this TIF District, each mall area is to be reconfigured into a traditional pattern of public streets, public open space, public infrastructure, and smaller parcels of private land ownership, thereby setting the stage for incremental redevelopment that is flexible to meet market demands and community needs. 4 e OCI 34 g Mall Area Redevelopment TIF District FY 2018-2019 Annual Report TfF District Accomplishments in FY 2018-2019 a ln July 2018, Mill Creek Residential Trust LLC began construction on a new 344- unit apartment community on 3.2 acres located at 13001 Cornell Drive in the Montfort-lH 635 Sub-District. Known as Modera Dallas Midtown, the project will be 5 stories (approximately 417,928 square feet) wrapping a structured parking garage. The total estimated value when complete is approximately $32 million. Construction continued throughout FY 2018-2019 and is anticipated to be completed in early-mid FY 2019-2020. a Following on the footsteps of City Council's approval in February 2018 of an amendment to the City of Dallas Thoroughfare Plan to change the dimensional classification of Montfort Drive from Alpha Road to lnterstate Highway (lH)-635 from a special six-lane divided (SPCL 60) roadway within 117 feet of right-of-way with 92 feet of pavement with bike lanes to a special four-lane divided (SPCL 40) roadway within 80 feet of right-of-way with bicycle facilities, City Council approved Resolution No. 19-0170 in January 2A19 to authorize a professional services contract (not to exceed $468,246) with Lockwood Andrews & Newnam, lnc. (LAN) for the engineering design of a complete street project on Montfort Drive from Interstate Highway 635 frontage road to Alpha Road. The contract was executed in February 2019, and LAN was issued a notice to proceed. a ln March 2019, pursuant to Cause No. DC-18-13452 in the 298th District Court, the City (Plaintiff) executed a Settlement Agreement with TX Dallas Midtown, L.P. (Defendant and owner of the in-line portion of Valley View Mall, the former Dillard's anchor building, the former JC Penney's anchor building, and the appurtenant parking structure) in order to settle all existing claims connected to Defendant's alleged violations of the Dallas City Code. With the settlement, the Defendant agreed to a $1 million penalty, but the penalty was eligible for reduction pending the Defendant's successful performance of eleven requirements, specifically including the completion of environmental remediation and demolition by e er anchor building, the former JC Penney's anchor building, and the appurtenant parking structure (note: required demolition did not include the existing AMC movie theater). As of the end of September 2019, the Defendant had performed the first ten requirements and was on track to complete the eleventh requirement by the December 31, 2019 deadline. a ln May 2019, Seritage Growth Properties, owner of approximately 23 acres of the Valley View Mall site, held a ground-breaking event to promote the commencement of demolition of the former Sears anchor building as well as site preparation activities to make way for Park Heritage, a new mixed-use project with phased development plans for almost 2 million square feet of offices, apartments, and retail/restaurant space to be built in partnership with KDC and Toll Brothers.
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