Agenda - City of Dallas

Exhibit A
Vickery Meadow TIF District
FY 2010-2011 Annual Report
Value and Increment Summary
The Vickery Meadow TIF District’s assessed 2011 taxable value was $342,386,650.
This represents an increase of $181,116,330 or 112.31% from the 2005 base year
value. The District’s taxable value increased 8.2% ($25,975,200) from the previous
year’s 2010 value. The increase in district value can be attributed to an increase in
value of Northpark Central I (8750 Central Expwy), a 20-story office building that was
reported to be 91% occupied in March 2011 and an increase in value for the Shops at
Park Lane as additional stores within the project opened throughout the fiscal year
increasing the project’s overall occupancy.
During FY 2011, the Vickery Meadow TIF District generated $1,396,959 in TIF
increment.
Objectives, Programs, and Success Indicators
The final Vickery Meadow Project Plan and Reinvestment Zone Financing Plan were
adopted in December 2005. The plans’ development goals are provided below:
• Facilitate private development within the Vickery Meadow TIF District to stimulate
and diversify the area’s economy, eliminate unemployment or underemployment,
and develop or expand business, transportation, and commercial activity.
Approximately $750 million in new investments is planned or has been
constructed as part of The Shops at Park Lane. The project is anticipated to
create 2,600 new jobs.
• Secure new private development consisting of at least 850,000 square feet of
retail space, 200 hotel rooms, 625 residential units (rental and owner occupied),
and 410,000 square feet of office space.
As of FY 2011, The Shops at Park Lane development has constructed
approximately 629,000 square feet of retail space (74% of goal), 325 apartment
units (52% of goal), 97,000 square feet of office space (24% of goal). The
Planned Phase II, when constructed and completed, is expected to include a 250
room full-service hotel, 300 apartment units, and 750,000 square feet of office
space.
• Focus on traffic improvements and the redevelopment of properties within the
Five-Points area as increment funds accumulate and can be supplemented with
non-TIF sources.
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