Public Hearing Set Nov. 8 For Expansion of Fort Worth Avenue Tax Increment Financing District
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results about Public Hearing Set Nov. 8 For Expansion of Fort Worth Avenue Tax Increment Financing District
Dallas wants to expand its Fort Worth Avenue Tax Increment Financing District by 372 acres to generate more revenue for homeowner stabilization, home repair, and displacement mitigation within that zone.
Fort Worth Avenue is one of 19 TIF districts in Dallas. It currently spans about 448 acres. A detailed briefing on the proposed expansion is slated for Monday, Nov. 6, before the city’s Economic Development Committee. A public hearing will be during the Dallas City Council meeting on Wednesday, Nov. 8.
The city’s TIF program identifies underperforming real estate, creates redevelopment plans, works with private developers to implement these plans, and reinvests a portion of property tax revenues generated from new real estate development into the area to encourage the implementation of the redevelopment plan.
Fort Worth Avenue TIF District Expansion
According to an Oct. 20 memorandum, Assistant City Manager Majed Al-Ghafry said the expansion would increase the geographic boundaries, extending west along West Commerce Street and Singleton Boulevard, to west of North Hampton Road, primarily to Manila Road, and incorporating property north of Fort Worth Avenue and south of Remond Drive, east of North Hampton Road,
The following amendments to the Fort Worth Avenue TIF district also are proposed:
- Maintaining 70 percent city participation in the TIF district through the remaining term of the TIF district
- Redefining and reallocating budget categories
- Making corresponding modifications to the TIF district’s boundary and plan
The proposed amendments would expand the use of the affordable housing budget category so that TIF district funds can be used for homeowner stabilization, home repair, and displacement mitigation efforts within and outside the TIF district, Al-Ghafry said.
That’s important for this area because rapid redevelopment is occurring in and near older established neighborhoods along Singleton Boulevard, he added.
“Additionally, obsolete industrial and warehouse sites along West Commerce and throughout the proposed expansion area of the TIF district are becoming increasingly attractive for conversion to residential uses but will require significant infrastructure and site work,” Al-Ghafry said in his memo. “With the proposed amendments to the plan, the TIF district would also be able to assist with redevelopment projects on vacant/underutilized properties, including property currently seeking TIF district funding support as well as several properties along West Commerce where parcels are ripe for conversion from industrial to mixed-income housing and boutique office.”
The proposed amendments to the plan would also provide increased funding capacity to support district-wide initiatives, including substantial public infrastructure and public facilities needs, the memo states.
Offering no discussion on the matter, Dallas City Council members unanimously approved the public hearing date during an Oct. 25 meeting.
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