Before Hearing, Read City's $13-Mil HUD Loan Application for Lake Highlands Town Center
Earlier this month we noted that the city hopes to use $13 million in federal funds to turn 70 acres at Walnut Hill and Skillman into, you know, the Lake Highlands Town Center, where ground was broken way back in November 2007. Behold: On the city's website you'll find a draft of the application the city will send to the Department of Housing and Urban Development in the hopes of securing that Community Development Block Grant Section 108 guaranteed loan; it's been posted in advance of a January 12 town hall at the Audelia Road Dallas Public Library Branch.
As you may recall, Office of Economic Development Director Karl Zavitkovsky told us the money would be used for a parking garage, because, as he explained, "Essential to the retail is a grocer anchor, and that needs to have parking." The application, which offers significantly more detail, acknowledges: The project has become quite the undertaking and "is characterized by an unprecedented public/private partnership involving Tax Increment Financing (TIF) funding as well as funding from the City of Dallas, Dallas County and the North Central Texas Council of Governments for direct investment in the public infrastructure."
But it still needs the $13.35 million to kickstart development, fingers crossed by April; the first phase will include the still-unnamed grocery anchor (57,186 square feet) and some 100,00 square feet of retail and restaurants. From the application:
This Section 108 funds will be used to construct the commercial space and structured parking facility above and below ground to accommodate patrons of the businesses that will occupy the 166,000 square feet of commercial improvements space developed in Phase I. The commercial development providing for new businesses will be the impetus for creation of approximately 460 permanent jobs that will provide employment opportunities for low- to moderate-income individuals.
Read the whole thing here.
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