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Agenda - City of Dallas

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Exhibit A - Fort Worth Avenue TIF District<br />

FY 2011 Annual Report<br />

• Create additional taxable value attributable to new private investment in projects in the<br />

Fort Worth Avenue TIF District totaling approximately $1,290,239,340 over the term <strong>of</strong><br />

the district.<br />

Completed projects have added approximately $18.9 million to the value<br />

<strong>of</strong> the district. Projects currently under development are expected to<br />

generate an additional $65 million in added taxable value.<br />

Actual values are up by approximately $23 million over the base. This<br />

increase is approximately 2% <strong>of</strong> the goal for the area.<br />

• Attract new, higher density, private development in the Fort Worth Avenue TIF<br />

District totaling approximately 1,033,910 square feet <strong>of</strong> retail space and 9,444<br />

residential units including townhome, multi-family, single-family, and<br />

condominium projects.<br />

Construction has started at the Villas at the Belmont and has completed<br />

on Avalon at Kessler Park (formerly the Fairways at La Reunion). When<br />

complete, these projects will add 34 single-family homes and 198 multifamily<br />

homes to the district. The projects under construction represent<br />

2.5% <strong>of</strong> the housing goal.<br />

Planned projects within the district may add additional retail space and<br />

residential units.<br />

• Focus on encouraging the redevelopment <strong>of</strong> properties in the Fort Worth Avenue<br />

corridor to increase density and to provide enhanced urban design for the district<br />

that meets the intent <strong>of</strong> the Fort Worth Avenue Corridor Land Use and Urban<br />

Design Study and the requirements <strong>of</strong> the West Commerce Street/Fort Worth<br />

Avenue Special Purpose District (PD 714), adopted by Ordinance No. 25898 on<br />

February 23, 2005, as amended.<br />

The Villas at the Belmont, currently under development by Options Real<br />

Estate, will provide, at build-out, 34 new single-family homes on previously<br />

vacant land near Sylvan Avenue.<br />

Proposed development west <strong>of</strong> the Belmont, currently planned by Options<br />

Real Estate Development, is expected to provide additional retail and<br />

residential space on land previously occupied by one single-family house.<br />

The Collective, a mixed-use residential, retail, and commercial<br />

development, is expected to add 326 multi-family units and 75,000 square<br />

feet <strong>of</strong> retail and commercial space on the site <strong>of</strong> the former Colorado<br />

Place Apartments.<br />

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