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Design District TIF: Alexan Riveredge

Design District TIF: Alexan Riveredge. Economic Development Committee November 3, 2014. Purpose. Review Alexan Riveredge proposal for funding in Design District TIF. Obtain Economic Development Committee approval for consideration of this item by City Council on November 12, 2014.

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Design District TIF: Alexan Riveredge

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  1. Design District TIF:Alexan Riveredge Economic Development Committee November 3, 2014

  2. Purpose • Review Alexan Riveredge proposal for funding in Design District TIF. • Obtain Economic Development Committee approval for consideration of this item by City Council on November 12, 2014. dallas-ecodev.org

  3. Design District TIF District:Background • Design District TIF created in 2005. • Comprehensive boundary and plan amendment approved by Council on June 12, 2013. • Amended district includes two sub-districts: • Design District Sub-District –original boundary of the TIF Districtplus additional property along the Slocum, Dragon Street, and Riverfront Blvd. corridors(original shown in the solid coral and added property in hatched coral pattern) • Market Center/Stemmons Sub-District – encompasses the former Dallas Apparel Mart site and additional properties (shown in blue pattern) dallas-ecodev.org

  4. Design District TIF District:Background (con’t) Created to assist in conversion of industrial and warehouse district to a unique urban neighborhood to: Take advantage of the expanding DART light rail system Improve access to the Trinity River and quality of development adjacent to Trinity/Stemmons Corridor. Recent district expansion incorporates the former Dallas Apparel Mart site: Proposed for redevelopment by Market Center Land, L.P., (“MCL”), an affiliate of Crow Holdings. Potential for office and hotel development opportunities. District will expire December 31, 2027, or when approximately $132 million in TIF increment collected.

  5. Design District TIF District:Background (con’t) Since 2005, district has grown to include 1,000+ apartments, new restaurants, upgraded showrooms/retailers (approximately $168 million in new investment completed or planned). Annual increment collection $1 million+ per year. Total Budget = $132 million (see Appendix 1). 1525 Turtle Creek development 1400 Hi Line development

  6. Alexan RiveredgeProject Location • Project is a new development on approximately 2.47 acres of vacant land currently addressed at 150 Turtle Creek Boulevard directly behind the International on Turtle Creek design center with frontage on both Turtle Creek Boulevard and Levee Street.

  7. Alexan RiveredgeProject Description • Development is first major residential development in southern portion of the TIF district and would be a potential catalyst along Trinity River frontage. • Project will include 309 residential units in a 5 story urban style project with structured parking (approximately 427 spaces). • 20% (approximately 63 units) will meet TIF district’s affordable housing requirements and be disbursed both spatially within the development and among unit sizes. • Pedestrian amenities and a future Trinity River Trail connection are also planned. • Private investment is estimated to exceed $46 million.

  8. Alexan RiveredgeSite Plan

  9. Alexan RiveredgeConceptualElevation

  10. Alexan Riveredge Design Studio Recommendations • Encourage ground level units to potentially operate as live-work spaces with public frontage and unified stoop. • Introduce a “continuous dock” condition along the Levee Street frontage along with an additional pedestrian sidewalk

  11. Alexan RiveredgeProposed TIF Funding Recommended TIF subsidy is an amount up to $7,800,000 for eligible TIF costs. TIF funds for project would be used to offset the cost of the following improvements: Demolition/Environmental Remediation Paving, Streetscape and Utility Improvements A Trinity River trail connection (open space, portals) An economic development grant

  12. Alexan RiveredgeProposed TIF Funding (con’t) • Total TIF funding may be reduced by $150,000 to $7,650,000 if an off-site trail connection to the Trinity River corridor (listed under the Open space, plazas, portals, civic sub-category above) is not constructed within a mutually agreed upon timeframe as part of the project or is funded by alternative non-City sources of funding such as North Central Texas Council of Governments (NCTCOG) programs or federal grants. • Staff will be working in conjunction with the developer to explore options for the trail connection along one or more access points along Levee Street. dallas-ecodev.org

  13. Alexan RiveredgeFunding Sources and Uses

  14. Alexan Riveredge Summary

  15. Alexan RiveredgeTIF Board Funding Recommendation • On October 23, 2014, the Design District TIF Board of Directors reviewed and approved TIF funding for the Alexan Riveredge project in an amount not to exceed $7,800,000. dallas-ecodev.org

  16. Recommendations Economic Development Committee recommendation for Council approval of a development agreement for TIF funding. Council consideration on November 12, 2014.

  17. Appendices

  18. Appendix 1: Design District TIF Budget dallas-ecodev.org

  19. Appendix 2: Alexan Riveredge Pro Forma and Budget

  20. Appendix 3: TIF Project Increment Chart

  21. Appendix 4: Design District Sub-District Increment Chart

  22. Appendix 5: Market Center/Stemmons Sub-District Increment Chart

  23. Appendix 6: Alexan RiveredgeConditions of TIF Funding • Minimum private investment of $35 million in the project, including all land and building acquisition, site preparation, and construction hard costs. • Development of a minimum of 250,000 square feet of residential and/or live/work or flex commercial space. • At least 20% of the residential units will be affordable for a period of fifteen (15) years and will be disbursed both spatially within the development and among unit sizes. • The Project shall be marketed pursuant to an Affirmative Fair Housing Marketing Plan approved by the City. dallas-ecodev.org

  24. Appendix 6: Alexan RiveredgeConditions of TIF Funding (con’t) • Obtain a building permit for the construction of the Project by June 30, 2015. • Provide public access easements (if necessary). • Obtain final acceptance of the TIF eligible street and infrastructure improvements by September 30, 2018. • Complete construction and pass final building inspection by September 30, 2018. • Execute an Operating and Maintenance Agreement for all non-standard TIF eligible improvements by September 30, 2018. dallas-ecodev.org

  25. Appendix 6: Alexan RiveredgeConditions of TIF Funding (con’t) • Owner shall make a good faith effort to comply with a Business Inclusion and Development (“BID”) goal of 25% minority/women-owned business enterprise (M/WBE) for the TIF reimbursable improvements, and 20% certified M/WBE participation for the private improvement construction and meet all reporting requirements for each. • Submit to the Office of Economic Development a quarterly status report for ongoing work on the project. • Construct public and private improvements that conform in design and materials to images and site plans approved by the Design District TIF Board of Directors and the Dallas City Design Studio. dallas-ecodev.org

  26. Appendix 6: Alexan RiveredgeConditions of TIF Funding (con’t) • Provide evidence that reasonable efforts were made to promote the hiring of neighborhood residents for any new jobs created. • If necessary, minor modifications may be approved and/or project deadlines can be extended up to 6 months, subject to the Office of Economic Development Director’s and Design District TIF Board approval. dallas-ecodev.org

  27. Appendix 7: Maple Multi-Family Development, LLC Maple Multi-Family Development, LLC was formed by members of Trammell Crow Residential (TCR): Ken Valach, President Steve Bancroft, Senior Managing Director Matt Enzler, Managing Director Representative experience includes the recently completed Alexan Trinity in the Oak Cliff Gateway TIF District along with extensive multi-family development experience.

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