Agenda - City of Dallas

Grand Park South TIF District
FY 2011 Annual Report
Grand Park South TIF District – Past, Current and Anticipated Projects 1
Projects Within TIF District Utilizing TIF Funding
Project Location Units 2 Status
Year
Complete
Approximate
Investment 3
TIF
Investment 4
Fair Park
Estates
(formerly
the Park
Row
Estates)
Malcolm X
Boulevard and
Park Row
Avenue
30 single
family units
The development’s
initial two units were
completed in
September 2008.
Two additional units
were completed
during FY 2011.
TBD
(4 units
completed)
$4,300,000 TBD
Phase I –
Hall Family
Mixed-use
Project
South Trunk
Avenue
between
Gunter and
Park Row
avenues (along
Dart’s Green
Line)
38 multifamily
units
The project’s
anticipated start date
is February 2012
TBD TBD TBD
1 All information updated as of September 30, 2011.
2 Based upon either the TIF application or required minimum stated in the development agreement. May be updated
for completed projects based on actual unit mix and square footage.
3 Based upon 1) market value of comparable projects for anticipated projects, 2) private investment stated in the
development agreement for projects that are approved or under construction, or 3) DCAD market value for
completed projects (unless project has not yet been assessed). Values may not be fully captured by the TIF district
for redevelopment projects once pre-existing value and/or the demolition of structures is netted out.
4
TBD indicates that development agreement has not yet been adopted and TIF investment is yet to be determined.
Construction was completed on two units that comprise the Fair Park Estates housing
development during the fiscal year. The project, which has been impeded by a variety
of constraints, completed its initial two units during FY 2008.
Value and Increment Revenue Summary
The Grand Park South TIF District’s assessed 2011 taxable value was $45,018,272.
The District’s 2011 taxable value increased of $168,253 (0.4%) over its 2005 base year
value of $44,850,019 despite a $4,514,217 (9.1%) decline in values over the last year.
With the participation of the City and Dallas County, the increase over the base value
will result in the collection of approximately $1,473 in total incremental revenue for the
District.
6