Agenda - City of Dallas

Exhibit A
Downtown Connection TIF District
FY 2011 Annual Report
Mission Statement
The mission of the Downtown Connection Tax Increment Financing District is to create
a fund for public capital improvements in the core of Downtown essential for
development of key spaces and buildings as well as focusing on catalyst projects to
create a greater density and critical mass of development within the Main Street core
area.
The Downtown Connection TIF District was initiated by petition, pursuant to Section
311.005 (a)(5), Texas Tax Code through the sponsorship of the Downtown
Improvement District and the Uptown Improvement District. The Downtown Connection
TIF District took effect on June 8, 2005 per Ordinance No. 26020 and is scheduled to
terminate on December 31, 2035 (including collections of the 2035 increment in
calendar year 2036 or when the budget of $189.8 million (2006 dollars) has been
collected.
District Accomplishments
Downtown redevelopment momentum continued during FY 2011. Many redevelopment
projects were either approved, amended or started construction during the fiscal year.
Atmos Complex Project Amendment – City
Council approved amendments to the original
Atmos Complex redevelopment project. The
number of residential units for the project
remained the same at 230 units, but the
construction of these units is now phased as
listed below. The amended project’s 170
affordable housing units will assist in the
diversification of downtown’s housing stock.
Construction of Phase I of the project began
June 2011.
Phase I – 107 affordable residential units
Phase II – 123 residential units
(63 units will be affordable)
Joule Hotel Expansion Project Amendment – City Council approved amendments to
the Joule Hotel Expansion project originally approved in 2010. The amended hotel
expansion project will: (1) add approximately 32 hotel rooms inclusive of eight suites
and three penthouses; (2) add approximately 11,000 square feet of banquet, catering
and meeting space; (3) add approximately 24,700 square feet of retail space; and the
construction of a new building approximately 9,200 square feet in size. In addition to the
amended project components the developer’s private investment increased
4