Agenda - City of Dallas

Exhibit A
Vickery Meadow TIF District
FY 2010-2011 Annual Report
Staff serves a liaison for the City and is currently working with the Vickery
Meadow Public Improvement District and other stakeholders to address these
issues. The improvement district will also assist the TIF Board in developing
strategies for redeveloping the Five-Points area for the proposed 2012 City of
Dallas General Obligation Bond Program.
• Generate additional taxable value totaling approximately $322 million as a result
of new private investment projects within the TIF District.
The FY 2011 taxable value of the Shops at Park Lane is $198,208,930 (62% of
goal).
• Encourage the redevelopment of the “Park Lane” site and improve pedestrian
connections between the existing DART Park Lane light rail station to increase
density while providing enhanced urban design for the TIF District.
Staff is working with DART and Northwood Investors to identify potential funding
sources for the construction of a pedestrian platform that would extend from the
DART Light Rail station to the south side of Park Lane. Pedestrian connection
improvements for the Park Lane Station and surrounding areas will be studied as
a part of the HUD Challenge Grant funded planning activities for the area.
• Increase commuters’ use of the DART Park Lane light rail station from 2,183
passengers per weekday in 2007 to 3,500 passengers by 2011 (three years after
the anticipated completion of the “Park Lane” project).
Staff will continue to work with DART and monitor progress as improvements are
made within the station’s surrounding area and the “The Shops at Park Lane”
evolves. During FY 2011, on average, the Park Lane Rail Station serviced 1988
passengers per week day.
• Generate approximately $51 million (total dollars) in increment over a 20 year
period.
To date, approximately $4,051,040 in tax increment has been generated. This is
approximately 8% of the TIF Budget anticipated to be generated over the 20-year
term of the district.
10