City of Dallas Approach to Mall Redevelopment Greater Dallas - - PowerPoint PPT Presentation
City of Dallas Approach to Mall Redevelopment Greater Dallas Planning Council August 8, 2019 Kevin Spath, AICP, HDFP Assistant Director City of Dallas | DallasCityNews.net Office of Economic Development 1500 Marilla Street Dallas, TX 75201
Assistant Director Jiroko Rosales Finance and Compliance Assistant Director Avis Chaisson Community Development Assistant Director Robin Bentley Business Development Assistant Director Kevin Spath Area Development
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incentives designed to promote economic development. Specifically, it provides for
economic development and to stimulate business and commercial activity.
longer than 10 years and may be granted in any of the following areas: 1. Tax Abatement Reinvestment Zones (Chapter 312 Texas Tax Code) 2. Neighborhood Empowerment Zones (Chapter 378 Texas Local Govt Code) 3. Tax Increment Reinvestment Zones (Chapter 311 Texas Tax Code)* 4. Texas Enterprise Zones (Chapter 2303 Texas Government Code)
*Tax abatements within Tax Increment Reinvestment Zones require approval of the TIF board of directors as well as approval of the governing bodies of all taxing jurisdictions contributing tax increment to the district.
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Zones to collect tax increment above a base year for reinvestment to benefit the zone.
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Vision for the Valley View Center Mall area:
entertainment uses, as well as mixed income housing choices;
destination that will also support local residents, workers, and visitors, making up for a severe lack of open space in the area.
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Vision for the Southwest Center Mall area:
density mixed use redevelopment with residential, retail,
entertainment, and community uses,
vision,
that might not otherwise succeed,
(network of new internal streets, new streetscape on existing perimeter streets, new central open space, etc.).
Item Cost Percent of Total Budget Land Acquisition $21,770,664 14% Site development/ infrastructure $23,235,998 15% New Construction Costs $20,591,824 13% Rehabilitation/Adaptive Reuse Construction Costs $47,441,803 30% Tenant Improvements $14,514,800 9% Soft Costs $16,302,768 10% Hard and Soft Cost Contingency $10,481,286 7% Developer Fee $2,834,735 2%
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increment funds from the Mall Area Redevelopment TIF District in the amount not to exceed $15,600,000 (which is equal to the total amount of all principal and interest due under the Chapter 380 loan agreement).
increment is paid to the City of Dallas, it will be used to pay down the loan.
insufficient to pay all amounts due under the note, City has the right to collect payment pursuant to the payment guarantee and/or execute its security interest under its lien.
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B C B - C Category TIF Budget** Allocated TIF Balance Public Infrastructure Improvements; Environmental Remediation & Demolition; Grants for Economic Development $264,229,113 $0 $264,229,113 Set Aside for Land Acquisition for Sub-District-Wide Central Open Space*** $72,659,277 $0 $72,659,277 Set Aside for Sub-District-Wide Infrastructure Improvements $24,219,759 $0 $24,219,759 Public Infrastructure Improvements; Environmental Remediation & Demolition; Parks, Open Space, Trails, Gateways; Grants for Economic Development $72,665,022 $15,600,000 $57,065,022 Administration and Implementation* $7,684,059 $438,322 $7,245,737 Total Project Costs $441,457,229 $16,038,322 $425,418,908
*** For land acquisition and associated costs; not for design, construction, maintenance, or operating/programming costs. * TIF Administration costs are pending until collection of sufficient tax increment to reimburse the City. TIF Administration costs shown are expended through FY 2016-2017. ** TIF Budget shown above is in current dollars (updated yearly); TIF Project Plan and Reinvestment Zone Financing Plan shows the budget in net present value.
Mall Area Redevelopment TIF District Projected Increment Revenue to Retire TIF Fund Obligations
Montfort-IH 635 Sub-District Westmoreland-IH 20 Sub-District