Dallas City Council Approves Development of District with Several Transit Stations
- Dec 19, 2008
By Anuradha Kher, Online News EditorDallas–The Dallas City Council has approved its first Tax Incremental Financing (TIF) District focused on multi-station transit-oriented development (TOD). Spread across 559 acres, the new TIF District features public rights-of-way and stretches from the Lovers Lane/Mockingbird area along the DART rail line to the Lancaster/VA Medical Center region. The District will have a 30-year life, during which real property values are forecasted to grow from $320 million in 2008 to $3.52 billion by 2038. The incremental tax revenue expected to accrue to the District is projected to be approximately $328 million during the life of the TIF.”The primary focus of this effort is to encourage high-density, mixed-use, pedestrian-friendly developments around existing DART Rail stations,” says Dallas City Manager Mary Suhm. “The TIF provides an effective development tool to encourage the redevelopment of important, centralized areas of the city, as well as new development.”Prescott Realty Group is planning two development projects in the University Crossing area that have a combined, projected taxable value of close to $100 million. These projects include The Shelby, which is planned to include 55 residential lofts and 3,500 sq. ft. of retail and The Shamburger Lofts, with more than 400 residential units and 8,000 sq. ft. of retail space.Jud Pankey, CEO of Prescott Realty Group, says, “A major goal of the TIF District is improving access and connections between DART rail station areas and strategic Dallas amenities.”TIF revenue allocated for public infrastructure uses will not only serve development projects within the District, but will also provide connectivity and support for neighboring projects. The project is based on principles for successful urban development which include “place making” (creating visually recognizable places that attract visitors as well as serve local communities), a correct mix of land uses that generate high numbers of multi-purpose pedestrian trips and promotes great transit use, high density that generates the greatest pedestrian and transit activity, and good urban design.TIF is a public financing method used for redevelopment and community improvement projects.