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Balch Springs EDC approves amended Alexander Village development agreement with lender repurchase provision
Summary
The Balch Springs Industrial and Economic Development Corporation approved an amended economic development and performance agreement for the Alexander Village mixed‑use project, adjusting incentives, extending performance dates and allowing a bank lien with a negotiable right of repurchase or first‑refusal provision.
The Balch Springs Industrial and Economic Development Corporation on May 19 approved an amended economic development and performance agreement for the Alexander Village mixed‑use project, a planned development on about 14 acres owned by the EDC that will include restaurants, retail, family‑oriented entertainment and about 200 market‑rate apartment units.
The board approved the amendment in a recorded vote (David Ruffino: yes; Gwendolyn Gardner: yes; Brandon Jackson: yes). The motion passed subject to adding language giving the EDC a right of repurchase or right of first refusal to be negotiated with the lender and drafted by the EDC attorney.
The amendment revises the project schedule and incentive payments, reduces some building incentives and confirms a financing arrangement that allows the developer to grant a first lien on the commercial or residential property to a lending institution. EDC staff said the changes are…
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