Page 385 - Microsoft Word - FY 2020 Adopted Budget Document

Invest in Our Economy

Goal 1: Enhance Economic Impact Through Development and
Redevelopment Efforts, Partnerships, and Investment Opportunities
Objective 2: Build a Strong and Diverse Business Community
Project Performance Measure(s) City Service Team (Department)
IOE Economic  Capital Investment generated through OED efforts Economic Development and
1.2.5 Development  Number of Jobs created or retained through OED Capital Investment (ED)
Projects efforts
 Number of businesses and projects recruited,
retained, or expanded through OED efforts
Summary:
Arlington Commons Status Date
In an effort to build and sustain Arlington’s tax base, (Ph. IC)
Economic Development staff will remain focused on Building Permit Issued 100% Fall 2018
developing Arlington’s remaining greenfield sites with the Certificate of Occupancy 100% Mar. 2019
highest and best uses. Additionally, redevelopment efforts Issued
will continue within the Entertainment District, Great
Southwest Industrial Park, and Downtown and Lamar‐
Collins areas, among other areas identified as suitable for
redevelopment. Per the Economic Development Strategy,
redevelopment projects will be supported and prioritized
when considered as transformational and having high
community impact, both being primary economic
development goals for the City. These projects must be
game changers, introducing new product into an unproven
area, have the ability to stimulate future change, and must
be a desired use.

Arlington Commons/East Lamar Redevelopment
Type: Redevelopment of existing apartment complexes (E.
Lamar/Lincoln Drive) and public improvements to Parkway
Central Park
Capital Investment: $45 million
Units: 300+
Deal: The City executed a Master Development
Agreement and Chapter 380 Grant Agreements, providing
fee waivers, grants for redevelopment expense
reimbursement, separate public space improvements, as
well as annual grants equivalent to 90 percent of real
property taxes on each of the new developments after
issuance of the certificate of occupancy.
Amendments: In Fall of 2014, the city altered the real
property grants, converting the first ten years into tax
abatements, with the remaining timeframe to continue as
annual grants. This revision was done to facilitate Tarrant
County participation through real property tax abatement
as well.

Update: Phase 1b construction began in June.

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