Davis Garden TIF District Plan
Total Page:16
File Type:pdf, Size:1020Kb
Exhibit A Davis Garden TAX INCREMENT FINANCING DISTRICT FINAL PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN Approved February 27, 2008 (Ordinance No. 27090) Amended April 9, 2008 (Ordinance No. 27138) Amended December 10, 2008 (Ordinance No. 27444) Amended June 8, 2011 (Ordinance No. 28237) Acknowledgements The Davis Garden TIF District Project Plan and Reinvestment Zone Financing Plan was prepared by the City of Dallas, Office of Economic Development, based on a preliminary plan prepared by Stein Planning and Management. The Office of Economic Development wishes to acknowledge the efforts of everyone who contributed to the development of this plan, including the following organizations and individuals: City of Dallas Mary Suhm City Manager A. C. Gonzalez Assistant City Manager Karl Zavitkovsky Director, Office of Economic Development (OED) Vernae Martin Assistant Director, OED Karl Stundins Area Redevelopment Manager, OED Sue Hounsel Senior Coordinator, OED Pam Veshia Economic Development Analyst, OED Telemachus Evans Economic Development Analyst, OED Barbara Martinez Assistant City Attorney, City Attorney’s Office Sarah Hasib Assistant City Attorney, City Attorney’s Office Dallas City Council Mayor Tom Leppert Mayor Pro Tem Elba Garcia Deputy Mayor Pro Tem Dwaine Caraway Jerry Allen Tennell Atkins Carolyn Davis Vonciel Jones Hill Angela Hunt Sheffie Kadane Linda Koop Pauline Medrano Ron Natinsky Dave Neumann Mitchell Rasansky Steve Salazar Previous Dallas City Council Mayor Laura Miller Mayor Pro Tem Don Hill Bill Blaydes Leo Chaney James Fantroy Gary Griffith Ed Oakley Maxine Thornton-Reese ________________________________________________________________ Final Davis Garden TIF District Project Plan & Reinvestment Zone Financing Plan Page 2 Davis Garden TIF District Board of Directors Mario A. Cadena City of Dallas Kathy Hewitt City of Dallas Matt Holley City of Dallas Joe Whitney City of Dallas Rick Loessberg Dallas County Orlando Alameda Dallas Independent School District David Rastellini Dallas Independent School District Previous Davis Garden TIF District Board of Directors Lauren Odell City of Dallas Other Mark Stein Stein Planning ________________________________________________________________ Final Davis Garden TIF District Project Plan & Reinvestment Zone Financing Plan Page 3 Table of Contents I. Section 1 – Project Plan Background 5 TIF District Map 6 Existing Conditions 6 Development Goals and Objectives 10 Description of the Davis Garden TIF District 13 Existing Uses 14 Existing Zoning 15 Market Feasibility and Planned Development 16 TIF District Policy Considerations 18 II. Section 2 – Project Plan Improvements Public Improvement Plan 21 Planned Private Development 24 III. Section 3 – Financing Plan Background 25 Financing Plan 27 Annual Real Property Appraisals to the TIF Fund 31 Financial Assumptions 33 TIF Project Costs and Debt Service 33 Financial Feasibility 34 Financial Policies 35 Other Financial Benefits 36 Conclusion 36 IV. Appendixes Appendix A: 2007 Real Property Accounts in the Davis Garden TIF District 37 Appendix B: 2007 Business Personal Property Accounts that Were Removed from the District 45 Appendix C: 2008 Real Property Accounts – Davis Garden Boundary Amendment 46 Appendix D: Summary Table: Davis Garden TIF District – Adjusted Base Value 48 Appendix E: Davis Garden TIF District – Zoning Map 49 Appendix F: City of Dallas Zoning Standards 50 ________________________________________________________________ Final Davis Garden TIF District Project Plan & Reinvestment Zone Financing Plan Page 4 Section 1: Project Plan Background The Davis Garden Tax Increment Financing District (the “Davis Garden TIF District,” or the “District”) was established in June 2007 to assist in the City of Dallas’ efforts to provide a model for redeveloping urban corridors, and transitioning deteriorated multi- family properties into a more sustainable mix of owner-occupied and rental housing. Furthermore, the creation of the Davis Garden TIF District helps create a source of funding to provide public infrastructure for the large area located southwest of the intersection of Interstate 30 and North Westmoreland Road. Anticipated projects within this District will connect to stable neighborhoods in North Oak Cliff, redevelop aging retail centers, and enhance connectivity to area trails and parks. The Davis Garden TIF District is located in the area southwest of Downtown near the Trinity River corridor, encompassing portions of the Davis Street, Fort Worth Avenue, North Westmoreland Road and Hampton Road corridors. Land adjacent to Pinnacle Park and commercial and multi-family properties with redevelopment potential surrounding Stevens Park Golf Course, Coombs Creek Trail, the Twelve Hills Nature Center, and Kidd Springs Park are also included in this TIF District. Single-family homes within the area were generally excluded as they are not targeted for development or redevelopment. Less than 10% of the District’s property comprises land currently used for single family housing (buildings containing fewer than five units). Kidd Springs Park, Stevens Park, Stevens Park Golf Course, Joey Georgusis Park and the Twelve Hills Nature Center were included to enable improvements to these District assets and to enhance connectivity to surrounding neighborhoods. The local elementary schools were included for similar reasons. A map of the Davis Garden TIF District is included below (see Exhibit A). The property that comprises the District creates a contiguous corridor that is consistent with the economic objectives of this Plan. The District’s original geographic area contained approximately 583 acres (excluding rights-of-way). On December 10, 2008, the District’s geographic area was amended to include selected adjacent properties. The properties that comprise the boundary amendment have a total land area of approximately 105.27 acres. The total acreage is currently 688.27. Rendering of the Kessler Woods Community ________________________________________________________________ Final Davis Garden TIF District Project Plan & Reinvestment Zone Financing Plan Page 5 EXHIBIT A MAP of Davis Garden TIF DISTRICT Existing Conditions Davis Street and Fort Worth Avenue provide direct access between downtown Dallas and residential and commercial areas to the southwest. Many of the existing multi-family and commercial buildings in the corridor are structurally and functionally obsolete. Multi- family complexes in the district were primarily built during the 1960s and 1970s. Existing retail centers are aged, not readily adaptable to current retail needs, exhibit inadequate and outdated signage, and in some cases, lack sufficient parking. As a result of these conditions, existing retail centers do not adequately serve the needs of the community. Public infrastructure in the corridor is often lacking and connections to the Coombs Creek Trail, Stevens Park, Stevens Park Golf Course, and Kidd Springs Park are limited despite their proximity. The area near Pinnacle Park is not currently served by public infrastructure. See Exhibit B for existing conditions within the district. ________________________________________________________________ Final Davis Garden TIF District Project Plan & Reinvestment Zone Financing Plan Page 6 Exhibit B Existing Conditions Retail centers are not readily adaptable to current retail needs, lack pedestrian amenities, and have limited connectivity to parks and open space Existing Deteriorating Multi-family Properties Redevelopment of property in the eastern portion of the Davis Garden TIF District will require significant public expenditures for environmental remediation, demolition, façade restoration, public open space, grants for trolley/streetcar initiatives, parks and infrastructure improvements such as storm, water, and wastewater infrastructure, streets and streetscape improvements, and trail connections. The area of the TIF ________________________________________________________________ Final Davis Garden TIF District Project Plan & Reinvestment Zone Financing Plan Page 7 District located west of North Westmoreland Road was never served by public infrastructure and requires significant investment for roadways, streetscape, drainage, water, wastewater and park and trail improvements. The use of TIF funds will make it possible for this strategically located area to compete with other sites where development is not hampered by environmental issues and deteriorated or non-existent infrastructure. INCAP Fund (“INCAP”) commissioned a draft Preliminary TIF District Project Plan and Reinvestment Zone Financing Plan for this area. This study indicated that there is great potential for transitioning deteriorated multi-family properties within the proposed district into a sustainable mix of owner-occupied and rental housing. This redevelopment activity will enhance connection to stable neighborhoods in North Oak Cliff with supporting retail. Modeled on the successful renewal of the Knox-Travis area of Dallas, the objective for the Davis Garden TIF District is to replace 2,100 existing, functionally obsolete apartments and 85,000 square feet of commercial space with approximately 2,200 for-sale homes, 4,400 rental residences, and 663,300 square feet of improved and viable neighborhood retail services, and improved/reconfigured or new retail space. These proposed activities support community objectives as outlined in the Dallas Comprehensive Plan, forwardDallas! In response to this plan, the City Council, using the