The Downtown Investment Authority board agreed to give Dallas-based Preston Hollow Community Capital LLC more time to complete site infrastructure work and to increase the property tax incentive payout for the Southbank RiversEdge: Life on the St. Johns.

The board’s 6-0 vote increases the payout cap for the Recapture Enhanced Value Grant property tax refund to $97.98 million from the $56 million approved by the DIA and City Council in 2018.

Preston Hollow asked for the higher REV grant cap to cover rising construction and materials costs that have made the overall project more expensive.

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