Title
Consider approving Resolution No. 2013-027 approving Economic Development Incentives pursuant to the Commercial Facade Grant Program for the Quick Shop Strip Center located at 2914-2920 Valley View Lane and Texas Security Bank located at 3212 Beltline Road and take appropriate action.
Body
BACKGROUND:
In 2012 a Commercial Façade Revitalization Program was developed and funded to encourage property owners to enhance the publicly viewed areas of their buildings. The Program is set up as a single payment reimbursement to property owners per building/business, and in some situations, tenants. Facade grants are available up to a 50/50 matching basis with a minimum project value of $2,000 and a maximum reimbursement of $50,000 per grant, unless otherwise approved by the City Council. Since the Program’s inception, two grants have been approved: 12879 Josey and 12895 Josey. There is currently $100,000 in the fiscal year 2012-2013 budget for this Program.
DISCUSSION:
The Quick Shop Strip Center is located at 2914-2920 Valley View Lane on the southeast corner of Josey and Valley View Lane in the Four Corners/Shops at Branch Crossing. This strip center was originally constructed in 1959 and has long been out of date and in need of revitalization. Staff approached the building representative about acquiring the subject property, however when it was clear that terms could not be reached, a suggestion was made to consider a remodel. After several meetings, the property owner has submitted an application and site elevations to completely re-face their building. The estimated combined value for the improvements total $301,395 and a $50,000 matching funds grant is being sought. The building is currently valued at $650,000 by the Dallas County Appraisal District.
While not located in the Four Corners/Shops at Branch Crossing, Northway Plaza Business Park is sited on Beltline Road, which was the subject of a market study and subsequent rezoning in hopes of attracting more retail. Texas Security Bank has a contract on 3212 Beltline Road for its general administrative/back office functions as well as a small banking facility. This unit will employ 27 staff members with plans to spend $500,000 on the project, $91,759.62 of which is on exterior renovations. Texas Security Bank is seeking a 50% matching façade grant in the amount of $45,879.81. Northway Plaza Business Park was constructed in 1974 and is currently valued at $5,675,060 by the Dallas County Appraisal District.
RECOMMENDATION:
This request satisfies a key goal in the 2013 Strategic Plan and supports Core Value #2, to provide sustainable growth and a strong, diversified economic base by engaging in aggressive economic development activities and programs. However, there is another commercial revitalization grant in process for the northeast corner of Josey and Valley View. If both of the current applications are approved at the requested amount, the façade grant fund will be depleted. As a result staff recommends adopting Resolution No. 2013-027 approving economic development incentives pursuant to the Commercial Façade Revitalization Program for the businesses located at 2914-2920 Valley View Lane and 3212 Beltline Road with the following modifications: $30,139.50 (10%) for 2914-2920 Valley View and $22,939.91 (20%) for 3212 Beltline Road. This will leave a balance of $46,920.60 for future considerations.
ACTIONS:
1) Motion to approve Resolution No. 2013-027 approving Economic Development Incentives pursuant to the Commercial Façade Grant Program for the Quick Shop Strip Center located at 2914-2920 Valley View Lane and Texas Security Bank located by 3212 Beltline Road.
2) Motion to deny Resolution No. 2013-027 approving Economic Development Incentives pursuant to the Commercial Façade Grant Program for the Quick Shop Strip Center located at 2914-2920 Valley View Lane and Texas Security Bank located by 3212 Beltline Road.
3) Motion to modify to meet the needs of the Council.
4) Motion to table the issue for further study or take no action.
ATTACHMENTS:
1. Resolution No. 2013-027
2. Application for 2914-2920 Valley View Lane Façade Grant
3. Color Renderings for 2914-2920 Valley View Lane
4. Floorplan for 2914-2920 Valley View Lane
5. Elevations for 2914-2920 Valley View Lane
6. Application for 3212 Beltline Road
7. Renderings for 3212 Beltline Road
8. Color Swatches for 3212 Beltline Road
9. Commercial Facade Revitalization Program Details