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Rail News: Passenger Rail
12/23/2008
Rail News: Passenger Rail
Dallas council creates TIF district to promote transit-oriented development
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Earlier this month, the Dallas City Council approved its first Tax Increment Financing (TIF) district centered on multi-station transit-oriented development.
The 559-acre district stretches from the Lovers Lane/Mockingbird area along a Dallas Area Rapid Transit light-rail line to the Lancaster/VA Medical Center region. The district will exist for 30 years and is expected to accrue incremental tax revenue of about $328 million.
"The primary focus of this effort is to encourage high-density, mixed-use, pedestrian-friendly developments around existing DART rail stations," said Dallas City Manager Mary Suhm in a prepared statement. "The TIF provide an effective development tool to encourage the redevelopment of important, centralized areas of the city, as well as new development."
The three sub-districts designated by the TIF include eight DART rail stations. Currently, Prescott Realty Group is planning two development projects in the University Crossing area: one with 55 residential lofts and 3,500 square feet of retail space, and another with more than 400 residential units and 8,000 square feet of retail space. In addition, Southern Methodist University is pursuing development plans, such as the George W. Bush Presidential Library and several campus facilities, that will rely on area transit connections.
The 559-acre district stretches from the Lovers Lane/Mockingbird area along a Dallas Area Rapid Transit light-rail line to the Lancaster/VA Medical Center region. The district will exist for 30 years and is expected to accrue incremental tax revenue of about $328 million.
"The primary focus of this effort is to encourage high-density, mixed-use, pedestrian-friendly developments around existing DART rail stations," said Dallas City Manager Mary Suhm in a prepared statement. "The TIF provide an effective development tool to encourage the redevelopment of important, centralized areas of the city, as well as new development."
The three sub-districts designated by the TIF include eight DART rail stations. Currently, Prescott Realty Group is planning two development projects in the University Crossing area: one with 55 residential lofts and 3,500 square feet of retail space, and another with more than 400 residential units and 8,000 square feet of retail space. In addition, Southern Methodist University is pursuing development plans, such as the George W. Bush Presidential Library and several campus facilities, that will rely on area transit connections.
