Agenda - City of Dallas

Exhibit A - Fort Worth Avenue TIF District
FY 2011 Annual Report
N Beckley Avenue
& West Commerce
Street intersection
improvements
Design, engineering,
and construction of
intersection
improvements,
including sidewalks
and street trees.
Design. Contract
awarded.
Construction start
planned for 2013
and completion in
2015.
$450,000 for
design
$4,300,000 for
construction
$1 million available
from 1998 bond funds;
remaining funding TBD
Beatrice Street
(West Commerce
Street to West
Comstock Street)
reconstruction
Fort Worth Avenue
from Edgefield
Avenue to
Plymouth Road
Design, engineering,
and construction of
intersection
improvements.
Street resurfacing
Design. Design is
65% finished.
Project currently on
hold pending
completion of the
design of the
Beckley Avenue and
West Commerce
Street intersection
Under way. This
project began
construction in
September 2011 and
is scheduled to take
eight weeks to
complete.
$982,751 2006 Bond Program
$323,032 2006 Bond Program
Initiatives Adjacent to District
Activity Scope Status Investment Source
Stevens Park Golf
Course renovation
Design, engineering,
construction, and
interim management
Under Construction.
This project was
approved by Council
on November 10,
2010 and is on track
to be complete by
October 2011.
Design: $835,000
Construction:
$8,184,630
Value and Increment Revenue Summary
2003 and 2006 bond
funds, Stevens Park
Golf Course
Improvement Funds
and Golf Improvement
Funds
The Fort Worth Avenue TIF District’s base tax value for 2007 was $86,133,447. This
base value reflects a boundary amendment approved in March 2008 and adjustments to
the base to reflect the final 2007 values of the parcels in the district. The district’s 2011
assessed tax value, as determined by the Dallas Central Appraisal District, was
$108,937,115. This represents an increase of approximately $22.8 million (26.5%) over
the assessed value of the base year (2007) value and an increase of approximately
$5.8 million (5.7%) over the previous year. Although many properties fell in value,
Avalon at Kessler Park rose by about $7 million, canceling out many of the losses. With
the participation of the City and Dallas County, this increase will result in the collection
of approximately $157,698 total in incremental revenue for the district.
Objectives, Programs, and Success Indicators
The final Fort Worth Avenue Project Plan and Reinvestment Zone Financing Plan was
adopted on March 26, 2008. The Final Project Plan addresses the following
development goals and objectives:
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