Agenda - City of Dallas

Exhibit A - Davis Garden TIF District
FY 2011 Annual Report
Value and Increment Revenue Summary
The Davis Garden TIF District’s assessed 2011 taxable value is $140,804,869.
Although this is an increase of $2,970,272 (2.2%) from its adjusted base value of
$137,834,597, property values declined by $18,622,649 (11.7%) from 2010 to 2011.
With the participation of the City and Dallas County, the increase over the adjusted base
value will result in the collection of approximately $20,543 in total incremental revenue
for the District.
The 2011 tax year represents the Davis Garden TIF District’s third year of increment
collections which is anticipated to be received in FY 2012.
Objectives, Programs and Success Indicators
The Davis Garden Final Project Plan and Reinvestment Zone Financing Plan was
approved on February 27, 2008, as amended. The plan’s defined development goals
are provided below:
Utilize TIF funding to encourage needed horizontal improvements and site
preparation in the District. This includes environmental remediation and
demolition of structurally and functionally obsolete structures to set the stage for
future redevelopment activities as described in this plan.
Since the District’s creation the environmental remediation and demolition
of obsolete apartment complexes consisting of 1,503 units have been
completed. The six sites where the complexes were once located have
been prepared for future redevelopment activities.
Utilize TIF funding to encourage the needed redevelopment of the large area
(approximately 210 acres) located southwest of the intersection of Interstate
Highway 30 and North Westmoreland Road.
SLF III – The Canyon TIF, L.P.’s the Canyon in Oak Cliff was approved by
City Council on June 8, 2011. The project consists of construction of
public infrastructure improvements on approximately 196 acres of the
undeveloped land in this area.
Create additional taxable value attributed to new private development and
appreciation totaling approximately $1.7 billion over the District’s 32-year life.
Two projects completed along Davis Street (the Settles Garage, Kemp
Garage) since the District’s creation. The renovation on a third project
(Kessler Theater) is scheduled to be completed during the first quarter of
FY 2012. The $2,970,272 increase over the District’s adjusted base value
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