Agenda - City of Dallas

Exhibit A - Skillman Corridor TIF District
FY 2011 Annual Report
The 20 acres of park land and trails constructed as part of the project was conveyed to
the City on March 31, 2011. Maintenance responsibility has been designated to
Prescott, future owners and/or the Lake Highlands Public Improvement District (LHPID).
Due to the economic downturn and contracted lending markets, vertical development at
the LHTC has been delayed. The TIF Board approved an initial deadline extension for
the project in December 2010. Staff had been working with Prescott on potential
amendments to the development agreement over the last couple years.
In June 2011, the TIF Board and City approved an amended development agreement
for the Lake Highlands Town Center (LHTC) that increased the TIF funding dedication
of future TIF revenues from $23,000,000 to a maximum of $40,000,000; required that a
third party consultant acceptable to the City be engaged to complete an analysis and
recommendations for the physical and economic elements of the development plan; and
restructured project phasing and related requirements.
In preparation for finalizing the recommended amendment, the City commissioned
Street Works, LLC (SW), a development consulting firm, to conduct a preliminary review
of the LHTC development plans. SW has provided some design observations and
indicated some modifications, including additional public costs may be needed to better
position the project for long term success. Allowing a Phase I of development to
proceed quickly was strongly recommended so that LHTC can be viable in the
marketplace.
Prescott has engaged Street Works, LLC and is in the process of completing an initial
due diligence phase. Following this initial phase, the scope of work includes
development of a specific strategy and interaction with stakeholder groups.
In FY 2011, a development agreement with Audelia WGK, LLC for the White Rock
Place development was approved by the Skillman Corridor TIF Board and the City
Council. The site is located at the southwest corner of Walnut Hill Lane and Audelia
Road and has operated as Lake Highlands Plaza shopping center; however, the
majority of the retail space is vacant. The site will be redeveloped into a smaller retail
component of 18,000 square feet and approximately 17 residential lots for new singlefamily
homes. The development supports the District’s adopted strategic plan
recommendation that portions of underutilized commercial property at Walnut Hill Lane
and Audelia Road be converted to residential use and retail space be consolidated.
The TIF Board and City Council also approved a Skillman Corridor TIF District Grant
Program that includes three general categories: (1) facilitate transit-oriented and
catalyst developments; (2) encourage the redevelopment of obsolete retail and
commercial centers, and (3) offset the cost of affordable housing in residential
developments.
A development agreement with the Richardson Independent School District (RISD) was
approved in FY 2011 to provide reimbursement pursuant to the Interlocal Agreement
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