CC MEETING: March 25, 2025
DATE: March 4, 2025
TO: Erin Rinehart, City Manager
FROM: Ravi Shah, Executive Director of Development
Shannon Hicks, Assistant City Manager
Title
Consider A Resolution Authorizing The City Manager To Negotiate And Execute A Third Amendment To The Master Development Agreement For Trinity Mills Station With Dallas Area Rapid Transit And The Integral Group, LLC.
Body
BACKGROUND:
On November 5, 2019, City Council approved the Master Development Agreement (“MDA”) between Dallas Area Rapid Transit (“DART”) and The Integral Group, LLC (“Integral”). The MDA was executed on March 1, 2020. As part of the MDA, Integral provided a proposal for the design, construction and operation of a mixed-use development on the property collectively owned by the City and DART, known as Trinity Mills Station. The MDA includes a Program Plan of anticipated development that is to occur on the site’s seven (7) tracts of land and includes commencement of construction deadlines for each phase.
The City, DART and Integral executed a first amendment to the MDA on October 26, 2021, which extended the deadline for commencement of construction on Phase I of the City-owned property by one year. The Parties executed a second amendment to the MDA, dated June 7, 2023, which modified certain exhibits and extend the commencement of construction deadline for each tract on DART-owned property by one (1) year to March 1, 2025, which would align the sequencing requirements and commencement of construction deadlines with the original intent of the MDA.
Integral is seeking a third amendment to provide for commencement date of May 1, 2027, for the first leased tract on the DART property due to financing hurdles deriving from the Covid-19 global pandemic. In addition, certain outdated exhibits of the MDA will need to be replaced with more current exhibits reflecting the third amendment including modifications to the lease terms as approved by the DART Board.
The proposed extension does not affect the timing requirements of commencement of construction on Phase I or future phases located on the City owned property.
FINANCIAL IMPLICATIONS:
The are no measurable financial implications to report.
IMPACT ON COMMUNITY SUSTAINABILITY:
The City Council’s strategic TOD objectives are to create sustainable, vibrant, livable districts with a variety of high-density residential, office, and retail uses, incorporating enhanced pedestrian amenities and supporting transit ridership.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends City Council approval of a resolution authorizing the City Manager to negotiate and execute a third amendment to the Master Development Agreement For Trinity Mills Station with Dallas Area Rapid Transit and The Integral Group, LLC.