City Council Meeting Date: May 26, 2026
Date: May 18, 2026
To: Erin Rinehart, City Manager
From: Jenny Zeilfelder, Director of Economic Development
Ravi Shah, Executive Director of Development
Shannon Hicks, Assistant City Manager
Title
Consider A Resolution Authorizing The City Manager To Negotiate And Execute An Economic Development Incentive Agreement With IVC TEXAS, LLC For The Renovation Of 2652 Old Denton Road In An Amount Not To Exceed $107,990.
Body
Background:
The owner of 2652 Old Denton Road has requested a grant through the Retail Re-Development and Rehabilitation Grant Program for the renovation of the property.
The total construction cost has been estimated to be approximately $2,983,120. The plans include renovating the interior of, and expanding the Real Property, including increasing the building’s footprint to approximately double the existing square footage, and to make façade and other exterior improvements.
The City Council Re-Development Committee has reviewed the proposal and determined that it meets the eligibility requirements of the Retail Re-Development and Rehabilitation Program. Grants under this program are performance-based. The Committee recommended a grant amount not to exceed $107,990. This is ten percent (10%) of the estimated $1,079,900 exterior improvements including but not limited to concrete, masonry, exterior flatwork (sidewalks, curbs and ramps), parking lot paving and striping, landscaping, exterior lighting and drainage improvements directly associated with façade and exterior property enhancements costs, as submitted by the applicant. The Re-Development Committee unanimously recommended approval of this grant at its April 7, 2026 meeting.
Financial Implications:
By recommendation of the City Council Re-Development Committee, the tenant is eligible for a grant not to exceed $107,990. The grant is receipt reimbursable. Funding is available in the program account.
Impact on Community Sustainability:
This project will enhance the City’s economic base by renovating a vacant property located in a major shopping center. The renovation and upgrades to 2652 Old Denton Road will generate additional tax revenue and enhance the economic viability of the retail district along Old Denton Road and the surrounding area.
Staff Recommendation/Action Desired:
Staff recommends City Council approval of a Resolution authorizing the City Manager to negotiate and execute an economic development incentive agreement with IVC TEXAS, LLC.