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Urban Renewal Agency and city ratify purchase and loan for 791 Main Street
Summary
The Dallas Urban Renewal Agency amended its downtown plan to include the purchase of 791 Main Street and both the agency and city adopted resolutions ratifying the loan and repayment agreement; council and agency votes were unanimous.
The Dallas Urban Renewal Agency and the City of Dallas took housekeeping actions related to the agency's recent purchase of property at 791 Main Street, approving amendments and ratifying a loan and repayment agreement on Jan. 25.
The Urban Renewal Agency adopted Resolution UR2025-01 to amend the Downtown Urban Renewal Plan to record the purchase of 791 Main Street; agency staff described the amendment as required when the agency uses urban renewal funds to purchase property. The agency then adopted Resolution UR2025-02 ratifying a loan of city funds to the agency for the purchase and approving a loan repayment agreement that begins in fiscal year 2026, with a ten-year amortization schedule.
At the city level, the council adopted Resolution 35-41 ratifying a loan of money to the Dallas Development Commission Urban Renewal Agency for the same purchase and approving a loan repayment agreement. The city council roll-call vote on Resolution 35-41 was 9–0 in favor. The agency's roll-call vote on UR2025-01 and UR2025-02 also passed 9–0.
The repayment schedule included principal and interest entries beginning July 1 of fiscal year 2026; staff summarized the amortization schedule to the board and council. For example, the first year principal payment is $37,768.80 with interest of $11,656.67, and the final year shows a principal payment of $39,329.64 with interest of $95.93, with repayment running through 2035.
Why it matters: The amendments and ratifications reconcile the agency's purchase with state law and establish the legal repayment terms between the agency and the city.
