Before Hearing, Read City's $13-Mil HUD Loan Application for Lake Highlands Town Center
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.