The South Dallas community is experiencing development and redevelopment at an accelerating pace. Numerous projects that expand the business base and improve the neighborhood’s vibrancy are already underway or are planned for the community.
The purpose of the South Dallas/Fair Park Opportunity Fund (Opportunity Fund) is to provide loans and grants to promote economic development and support human development initiatives in neighborhoods surrounding Fair Park. Loans or grants are available to support businesses or entities located with specific census tracts, or that serves a population that is made up of at least 90% of residents from those census tracts.
Eligibility Criteria
“Economic development projects”
are defined as projects or programs that result in the creation of new jobs, the retention of existing jobs or an increase in the Service Area tax base.
Loans or grants shall not be awarded to persons or entities who:
- Have outstanding city liens or tax liens
- Are party to a lawsuit against the City
- Have filed for bankruptcy in the previous 5 years
- Are currently in default under any other agreement with the City or who have been in the previous 5 years
- Southern Dallas Fair Park Opportunity Fund’s eligibility criteria also applies to Southern Dallas Investment Fund
Grants and loans are available in the following program areas:
- Human Development contracts must demonstrate measurable outcomes related to the following goals in the service area: increase workforce participation and readiness; stimulate small business activity and growth; improve health outcomes; improve public safety; or, improve educational outcomes.
- Economic Development projects must demonstrate the creation of new jobs, the retention of existing jobs or an increase in the Service Area tax base.
- 25% of annually budgeted funds may be awarded as grants; a maximum of $200,000 may be awarded for human development contracts.
- A minimum of 75% of budgeted funds must be awarded as repayable loans
- More details on the program requirements can be found in the Program Statement
Examples of previous projects include:
- Parkland Hospital – Hatcher Station Health Center
- South Park YMCA
- St. Philip’s School and Community Center
- Two Podners BBQ & Seafood Restaurant
- Multiple Community Development Corporations
