The City Council tomorrow will vote on proposed amendments to the design and funding of Lake Highlands Town Center.
The elephant in the room/Lake Highlands-neighborhood was finally addressed a few weeks ago at TIF Board meetings where developers and consultants told us the truth:
Lake Highlands Town Center development is at a stand still because of a sour economy and needs more funding, and the original plans, by the way, are no longer realistic.
The city’s plan to boost development includes increasing city funding from $27- to $40 million. District 10 councilman Jerry Allen told WFAA that we need a “little more fuel” to keep it alive and that it will be “worth the wait”.
Reporter Brad Watson notes in today’s newscast the grocery store debate. The proposed design changes could impact the type of grocery store that will anchor the town center.
As we have reported in the past, Sprouts and Tom Thumb seem to have shown interest in the Town Center, and Trader Joe’s recently announced future Dallas sites, though experts have noted that this much-coveted specialty grocer has its pick of properties and are possibly seriously looking at alternate Dallas-area locations including Park Cities/Preston Hollow, the Preston corridor in West Plano and Southlake/Colleyville.
Tomorrow’s vote, if approved, would also require a third-party consultant, probably Street-Works, who presented this recent analysis, to be engaged in the development plan.
Check out our Lake Highlands Town Center category here on Back Talk blog for extensive reporting on the LHTC. Just about any background info you desire can be found there.
Tomorrow’s city council meeting is open to the public. The town center items are 97/98 on the agenda.
After the jump, the exact items for vote:
Authorize an amendment to the development agreement with PC LH Land Partners, LP for the development of the Lake Highlands Town Center, previously approved on June 13, 2007, by Resolution No. 07-1739 and 07-1740, in Tax Increment Financing Reinvestment Zone Number Fourteen (Skillman Corridor TIF District) to: (1) change TIF funding dedication of future TIF revenues from $23,000,000 to a maximum of $40,000,000; (2) require that a third party consultant acceptable to the City be engaged to complete an analysis and recommendations for the physical and economic elements of the development plan; (3) allow a portion of the TIF funding as an economic development grant; (4) allow a portion of the TIF District’s available cash up to $1,370,000 to be released toward reimbursement of completed infrastructure; (5) extend project completion deadlines; (6) restructure minimum square footage and investment requirements for a Phase I and Future Phases; and (7) change the method of reimbursement to reflect the district’s Increment Allocation policy as amended by the Skillman Corridor TIF District Board of Directors on June 1, 2011 – Not to exceed $40,000,000 – Financing: Skillman Corridor TIF District Funds
A resolution declaring the intent of Tax Increment Financing District Reinvestment Zone Number Fourteen (Skillman Corridor TIF District) to reimburse PC LH Land Partners, LP in an amount not to exceed $40,000,000 for TIF-eligible project costs pursuant to the development agreement with PC LH Land Partners, LP – Financing: No cost consideration to the City