Agenda - City of Dallas

Exhibit A - Cedars TIF District
FY 2011 Annual Report
Value and Increment Revenue Summary
The Cedars TIF District’s 2011 assessed tax value was $78,595,752. This represents
an increase of $43,294,992 (122.6%) over the assessed value of the base year (1992)
value and a $3,357,052 (4.1%) reduction from the total for the previous year. During
the fiscal year the majority of the District’s properties declined in value. The few
properties that experienced an increase did not off-set the District’s overall decline in
value. With the participation of the City, Dallas County, Dallas Independent School
District (DISD), and Dallas County Hospital District (DCHD), this increase over the base
year value will result in the collection of approximately $769,066 in total incremental
revenue for the District.
Objectives, Programs and Success Indicators
In 1992, the City Council created the Cedars TIF District and the Board of Directors.
City Council adopted the Project Plan and Reinvestment Zone Financing Plan in 1997.
Since then, the plan has been amended twice. In 1999, City Council Ordinance Number
23991, dated August 25, 1999, amended the plan to include participation by the Dallas
Independent School District, Dallas County, and the Dallas County Hospital District. On
August 9, 2006, Council again amended the plan, this time to approve a new district
budget and to update some of the language in the original plan. The new budget
combines all of the infrastructure improvements into one category and then shifts $1
million into a new category for environmental remediation. 1
The following goals set the framework for the planned public improvements within the
Cedars TIF District. Specific actions by the Board and staff addressing these objectives
follow in italics:
Improve the infrastructure within and adjacent to the district to promote new
investment.
On August 2, 2005, the TIF Board recommended approval of TIF participation
in the Buzz Condominiums, providing for $564,462 in street and streetscape
improvements on Akard Street and Griffin Street. On November 29, 2006,
the TIF Board approved an extension of the deadlines for the project and
reduced the required TIF funding by $100,000. The Buzz was completed in
October 2007.
On June 30, 2006, the TIF Board recommended approval of TIF participation
in The Beat at South Side Station, providing for nearly $1 million in street and
streetscape improvements on Belleview Street, Lamar Street, and Powhattan
Street. Council approved the Board’s recommendation on August 9, 2006. On
August 27, 2008, the TIF Board approved an extension of the deadlines for
1 The District’s new budget is provided in the section entitled Budget and Spending Status.
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