Upcoming Agenda Item: Authorize a tax increment financing (“TIF”) development agreement and all other necessary documents (“Agreement”) with 549 E Jefferson Blvd, LLC and/or its affiliates (“Developer”) in an amount not to exceed $10,000,000.00 from current and future Oak Cliff Gateway TIF District funds in consideration of The Jefferson Redevelopment Project on property currently addressed as 549 E. Jefferson Boulevard, in accordance with the Economic Development Incentive Policy [Tamara Leak, Assistant Director, Office of Economic Development]

Summary

The City Council is considering authorizing a Tax Increment Financing (TIF) development agreement with 549 E Jefferson Blvd, LLC for The Jefferson Redevelopment Project. The agreement would provide up to $10,000,000.00 from the Oak Cliff Gateway TIF District funds to support the project. This project involves the rehabilitation and adaptive reuse of the historic former Oak Cliff Methodist Church at 549 East Jefferson Boulevard. The development will include approximately 14,297 square feet of commercial/retail space and 45 multi-family residential units (studio or live/work units). The estimated total project cost is $19.5 million, with the TIF subsidy intended as gap funding. The project aims to revitalize a vacant and fire-damaged historic building.

Citizen Impact

This project will bring new housing and commercial spaces to the Oak Cliff Gateway TIF District by redeveloping a historic, vacant property. Residents may see an increase in local services and amenities, as well as the preservation of a landmark building.

Confidence

high