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 Fa?ade 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 This strip center was originally constructed in 1959 and has long been out of date and in need of revitalization.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 ...
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