City Council Meeting Date: June 23, 2026
Date: June 15, 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 Amending Resolution No. 4865 And Authorizing The City Manager To Execute The Second Amended And Restated Development Agreement By And Between The City Of Carrollton, Texas And Trinity Mills Office I Owner, LLC For The Development Of Office Building I Within Trinity Mills Station.
Body
The Trinity Mills Station Office I project remains a key component of the City's transit-oriented development strategy and is intended to serve as the first Class A office building within the district.
Since approval of the First Amended and Restated Development Agreement ("First Amended Agreement") in 2024, the office development and financing market has continued to evolve. While leasing activity has improved throughout the region, lenders remain cautious regarding speculative office construction projects without established tenants or existing cash flow.
As financing discussions progressed, IBC Bank requested modifications to the First Amended Agreement to better align the project with current underwriting requirements. The requested amendments are incorporated into the proposed Second Amended and Restated Development Agreement ("Second Amended Agreement") and primarily modify the methodology used to calculate the City's Lease Guaranty obligation and update project milestones to reflect the current development schedule.
The proposed Second Amended Agreement does not increase the City's maximum financial commitment established under the First Amended Agreement. The maximum Lease Guaranty remains $14,525,000 and the Tenant Incentive allocation remains $2,800,000.
In addition to the lender-requested amendments, staff evaluated the Tenant Incentive provisions contained in the Original Agreement and carried f...
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