Agenda - City of Dallas

Exhibit A - Cedars TIF District
FY 2011 Annual Report
Mission
The City of Dallas created the Cedars TIF District in 1992 to redevelop and stabilize the
Cedars area and to reverse the decline of the area’s tax base. Located between
downtown and the Trinity River, the Cedars district seeks to capitalize on the planned
Trinity River development and proximity to downtown to secure growth and investment
in the district.
District Accomplishments
During FY 2011, various amendments to the Cedars TIF District Project Plan and
Reinvestment Zone Financing Plan were approved by City Council. These amendments
included extending the term of the TIF District for a 10 year period from December 31,
2012 through December 31, 2022; decreasing the City of Dallas’ participation after tax
year 2012 from 100% to 90%; directing the City Manager to negotiate an increase in
Dallas County’s participation rate after tax year 2012 from 65% to 75%; and amending
the Cedars TIF Infrastructure Improvements - Street Construction/Streetscape/
Water/Wastewater/Drainage Improvements/ East-West Corridor Construction budget
line item to include Public Open Spaces and Economic Development Grants.
The extension of the TIF District term will allow for additional development needed to
continue the revitalization of the Cedars. It would also allow for the Cedars TIF District
to meet the original budget of $7,216,097 net present value and its original goal of
redeveloping the Cedars into an attractive business and residential community, which
could served a vital connection between the Downtown and entire City.
The 1400 Belleview, a mixeduse
affordable housing
development project was
approved by the City Council for
TIF reimbursement during FY
2011. The project will consist of
164 apartment residential units
and approximately 7,500 square
feet of ground floor retail/office
space. The project is
anticipated to open in late 2014,
contingent upon securing additional funding for the project, such as low income tax
credits.
Planning and design work on a $1 million 2006 Bond project to extend Belleview Street
from Akard Street to Ervay Street continued during FY 2011. The Belleview Extension
will allow for greater east-west traffic flow through the District. The 1400 Belleview
project will be located directly along the Belleview Extension route.
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