Agenda - City of Dallas

Exhibit A
Farmers Market TIF District
FY 2011 Annual Report
Value and Increment Revenue Summary
The Farmers Market TIF District’s assessed 2011 tax value was $101,531,538, an
increase of $73,824,687 over the base year value (1998). This property value change
represents 266.4% increase from the 1998 base value. The 2011 tax value decreased
$2,280,930 (-2.2%) over the 2010 tax value. From the inception of the district,
approximately 95% of the increment is from new construction and 5% is from the
general appreciation. The total 2011 increment revenue collected in 2012 is expected to
be $588,383. The actual construction that occurred in 2011 will be reflected on the 2012
tax roll.
Development Goals and Objectives
On August 25, 1999, the City Council passed Ordinance Number 24001, which
approved the Farmers Market Tax Increment Financing District Project Plan and
Reinvestment Zone Financing Plan. Among the goals of the Plan are:
• Complete a program of infrastructure replacement and enhancement to provide a
foundation for development.
Infrastructure improvement is a high priority for the Farmers Market TIF
District. Extension of Marilla Street, construction of Farmers Market Way,
construction of Farmers Market/Deep Ellum Connector Walkway, streetscape
improvements, light and water/wastewater, lighting the Art Park and Open
Space Improvements near Deep Ellum Connector, are funded to meet the
infrastructure improvement goal for the District.
• Encourage residential development, including apartments and townhouses.
Since the creation of the Farmers Market TIF District, 997 residential units
(909 apartments, 88 townhomes) have been completed and one townhome is
under construction and 108 townhomes are planned.
• Provide opportunities for retail uses supporting neighborhood needs.
Approximately 10,000 square feet of commercial space has been developed
to date.
• Encourage high standards of environmental excellence throughout the area.
Funding for environmental remediation for the Harlan Building and assistance
in the development of infrastructure and streetscape for the Bark Park
Central.
• Encourage the development of design standards for public improvements and
design guidelines for private development.
Staff monitors every project which receives TIF funding to guarantee high
design standards with wide sidewalks, landscaping, open spaces and
ensures consistency throughout the district.
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