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Mall Area Redevelopment TIF District Brochure

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Mall Area Redevelopment TIF District Brochure Dallas-EcoDev.org (214) 670-1691 Mall Area Redevelopment TIF District Designated by City Council in 2014, the Mall Area Redevelopment TIF District (the “District”) comprises two non-contiguous sub-districts - the Montfort-IH 635 Sub-District for the Valley View Center Mall area in northern Dallas and the Westmoreland-IH 20 Sub-District for the Southwest Center Mall area in southern Dallas. Almost a half-century ago, the Valley View Center Mall and the Southwest Center Mall were developed with complex configurations of super-blocks, private land ownership, and reciprocal easement agreements that bound multiple owners together. Over the last 20 years as market conditions have shifted significantly, these same configurations have heavily burdened each mall area, making redevelopment and revitalization challenging without public participation. With the assistance of the Mall Area Redevelopment TIF District, each mall area is to be reconfigured into a more traditional pattern of public streets, public open space, public infrastructure, and pedestrian-scale blocks of private land ownership, thereby setting the state for incremental redevelopment that is flexible to meet market and community needs. The Project Plan and Reinvestment Zone Financing Plan (the “Plan”) for the District consists of a program of public infrastructure improvements, economic development grants, and land assembly for public open space under the authority of state TIF law, which is intended to stimulate private investment and sustain the orderly redevelopment of two commercial core assets while taking advantage of each area’s strategic location at the crossroads of the Dallas North Tollway and IH-635 (LBJ Freeway). Specifically in the Montfort-IH 635 Sub-District, the Plan is consistent with the award-winning Galleria-Valley View Area Plan adopted by City Council in May 2013, serves as a long-term funding tool to help implement the shared vision for the area, and leverages other implementation tools (PD 887 form-based zoning and Thoroughfare Plan amendments) approved by City Council. During the 30-year term of the District, approximately 9,000 new residential units, 800,000 square feet of new retail/restaurant/ entertainment space, 4,000,000 square feet of new office space, and 1,000 new hotel rooms are anticipated to be developed. Additional taxable value attributed to this new private investment is projected at approximately $4.2 billion. Mall Area Redevelopment TIF District Montfort-IH 635 Sub-District TIF Project Plan Improvement Budget* Estimated TIF Expenditure Estimated (Net Present Value discounted to TIF Expenditure Category 2014 dollars at 4% annually) (Total) Public Infrastructure Improvements; Environmental Remediation & $109,123,655 $257,864,296 Demolition; Grants for Economic Development Set Aside for Land Acquisition for Sub-District-Wide Central Open Space $30,000,000 $70,929,777 Set Aside for Sub-District-Wide Infrastructure Improvements $10,000,000 $23,643,259 SUB-DISTRICT TOTAL PROJECT COSTS $149,123,655 $352,437,332 * Does not include Administration costs for the entire Mall Area Redevelopment TIF District (i.e. both Sub-Districts). The estimated costs for Administration are $7,684,059 (net present value $3,250,000). Demographic Fast Facts Acres (excluding ROW and non-taxable) = 168.3 Median Per Capita Population Households Household Income Income within 1 mile 23,012 10,837 $44,869 $35,187 within 3 miles 130,032 58,237 $55,578 $45,511 within 30 minute drive 3,733,296 1,386,662 $57,936 $32,751 Source: Alteryx Analytics Gallery, Site Selection, Complete Demographic Summary Estimates, 2015. Traffic Counts* IH-635 (LBJ Freeway) @ Preston Road (2009) 270,000 IH-635 (LBJ Freeway) @ Preston Road - projected after completion of LBJ Express (2016) 450,000 Dallas North Tollway @ Alpha Road (2009) 124,000 Preston Road @ IH-635 (LBJ Freeway) (2011) 44,000 Preston Road @ Alpha Road (2009) 55,000 Alpha Road @ Noel Road (2007) 22,000 * Counts are 24-hour, bi-directional volumes. Source: City of Dallas; Texas Department of Transportation; North Central Texas Council of Governments: www.nctcog.org/trans/data/trafficcounts/indexcdp.asp. 2 Mall Area Redevelopment TIF District Westmoreland-IH 20 Sub-District TIF Project Plan Improvement Budget* Estimated TIF Expenditure** Estimated (Net Present Value discounted TIF Expenditure** Category to 2014 dollars at 4% annually) (Total) Public Infrastructure Improvements; Environmental Remediation & Demolition; $30,088,432 $71,278,447 Open Space, Trails, Gateways; Grants for Economic Development SUB-DISTRICT TOTAL PROJECT COSTS $30,088,432 $71,278,447 * Does not include Administration costs for the entire Mall Area Redevelopment TIF District (i.e. both Sub-Districts). The estimated costs for Administration are $7,684,059 (net present value $3,250,000). ** Includes approximately $39.2 million (approximately $16,600,000 net present value) to be transferred from the Montfort-IH 635 Sub-District over the term of the TIF District. Demographic Fast Facts Acres (excluding ROW and non-taxable) = 96.6 Median Per Capita Population Households Household Income Income within 1 mile 15,318 6,809 $25,547 $14,646 within 3 miles 92,006 34,206 $39,497 $19,909 within 30 minute drive 2,753,463 1,004,791 $48,598 $26,980 Source: Alteryx Analytics Gallery, Site Selection, Complete Demographic Summary Estimates, 2015 Traffic Counts* IH-20 (LBJ Freeway) @ Westmoreland Road (2009) 166,000 US-67 (MD Love Freeway) @ Camp Wisdom Road (2009) 85,000 Westmoreland Road @ IH-20 (LBJ Freeway) (2009) 15,000 Camp Wisdom Road @ US 67 (MD Love Freeway) (2009) 32,000 Westmoreland Road @ Camp Wisdom Road (2004) 17,000 Camp Wisdom Road @ Westmoreland Road (2004) 25,000 * Counts are 24-hour, bi-directional volumes. Source: City of Dallas; Texas Department of Transportation; North Central Texas Council of Governments: www.nctcog.org/trans/data/trafficcounts/indexcdp.asp. 3 Mall Area Redevelopment TIF District Staff Contact: Address: Dallas-EcoDev.org Kevin Spath, AICP 1500 Marilla Street (214) 670-1691 Room 5CS [email protected] Dallas, TX 75201 v. Feb 2016 4.
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