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City of Dallas Economic Profile 2017 ECONOMIC DEVELOPMENT STRATEGY

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City of Dallas Economic Profile 2017 ECONOMIC DEVELOPMENT STRATEGY City of Dallas Economic Profile 2017 ECONOMIC DEVELOPMENT STRATEGY City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org ABOUT THE ECONOMIC PROFILE Welcome to The City of Dallas Economic Profile 2017. This Profile introduces Dallas to prospective investors, developers, businesses and residents. Its purpose is to support the development process by informing the private sector so that both public and private returns are maximized. The Profile’s individual pages are designed so that they can be combined in ways to support each client’s specific needs. All components are available on The City of Dallas Office of Economic Development (ECO) website at DallasEcoDev.org, where you can also stay up-to-date on the latest news, events, and more. City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org 2016 YEAR IN REVIEW & AWARDS (1/2) 2016 Year in Review Award Winning Economic Development Private investment committed via the Public / Private Partnership 2016 Dallas Business Journal Award for Most Creative Financing: Aloft / Program: $244,883,000 Element Hotel at Dallas Love Field New developments and projects supported by the Public / Private 2016 Dallas Business Journal Award for Reuse or Rehabilitation: Partnership Program: 14 The Drever New jobs anticipated to be created or retained by the Public / 2016 D CEO Trendsetter Award: One Dallas Center Private Partnership Program: 2,430 2016 D CEO Award for Best Multifamily Project: Alexan Riveredge Total private investment committed in Tax-Increment Financing (TIF) Districts: $468,206,604 2016 Council of Development Finance Agencies (CDFA) National Development Finance Summit Showcase Project: Lancaster Urban Total public funds committed to projects in TIF Districts: Village $56,990,934 2016 Major Projects Several major corporations chose Dallas as their new home in 2016. Zale Corporation, a subsidiary of Signet Jewelers, announced the relocation of its corporate headquarters and repair center to the Cypress Waters development. The $39 million Zale office and its 1,100 employees will anchor The Sound, a mixed-use district within Cypress Waters fronting North Lake. Cypress Waters is a $1.5 billion master-planned mixed-use development with 814 residential units and 1.07 million sq. ft. of office space completed and another 539 residential units and 964,000 sq. ft. of office under construction. Zale joins Mr. Cooper (formerly Nationstar Mortgage), Meritage Homes, CoreLogic, OneSource Virtual, and Toyota Industries Commercial Finance as major corporate tenants. Jacobs Engineering, a Fortune 500 global construction and engineering firm, relocated its corporate headquarters from out-of-state to Downtown Dallas. The corporate headquarters joins the regional office at Harwood Center. ProLogis finished construction on a 670,000 sq. ft. online fulfillment center at Mountain Creek Business Park for Ulta, a retailer of cosmetics and other personal care products, adding at least 450 jobs and $18 million in investment. Chewy.com opened its largest distribution center near Ulta. The 663,000 sq. ft. facility will employ 700 people. Several new facilities opened at the International Inland Port of Dallas. Amazon & American Textile opened facilities at the Trammell Crow- developed JJ Lemmon Distribution Center. Pioneer Frozen Foods opened a manufacturing facility on Langdon Rd. ThermoFisher Scientific and FedEx Supply Chain leased space at the Hillwood-developed Commerce 20 project. Dermody Properties, VanTrust, and Trammell Crow all began or completed construction on 1 million sq. ft. spec-industrial buildings. City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org 2016 YEAR IN REVIEW & AWARDS (2/2) Downtown Dallas momentum continued with City Council approval for public-private partnerships on the rehabilitation of several Downtown buildings, including The Drever / Thompson Hotel (348 units, 236 hotel rooms, 44,000 sq. ft. office & 29,000 sq. ft. retail). Downtown continues to add a growing mix of new residential units, hotel rooms and retail space. Construction was completed on several projects, including The Butler Brothers Building (236 units), Mayflower Building (215 units and 13,700 sq. ft. retail), Forty Five Ten (37,000 sq. ft. retail) and One Main Place / Westin Hotel (326 rooms), while work neared completion on Factory Six03 (215,000 sq. ft. creative office), The Statler Hotel & Residences (219 units & 161 hotel rooms) and Mid-Elm Lofts (25 units & 17,700 sq. ft. retail). Uptown and Victory Park both added new apartment towers and office buildings, including the McKinney & Olive office building (480,000 sq. ft.) and the Camden Victory Park apartments (425 units) adjacent to the American Airlines Center. The reinvention of the Valley View-Galleria district began in earnest, with the construction of the Modera Galleria (321 units) and AC Hotel / Residence Inn by Marriott (256 rooms) commencing and the $16M completed renovation of the Galleria office towers. 2016 New Programs The City of Dallas Office of Economic Development launched the Dallas PACE Program in partnership with the Texas PACE Authority. PACE, or Property Assessed Clean Energy, is a state-enabled program that allows owners of older commercial and multifamily buildings to finance upgrades to buildings and systems secured by a lien against the property. Credit: Urban Fabric Credit: Urban Fabric Photography Lancaster Urban Village Aloft / Element Hotel at Dallas Love Field Butler Brothers Building City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org DEVELOPMENT POLICY City of Dallas Commits to Investing in Its Success forwardDallas! into the Future The $600 million 2012 bond program approved by Dallas voters follows The Dallas City Council adopted comprehensive plan forwardDallas! in the largest in Dallas history, approved in 2006. A proposed 2017 bond 2006. (http://dallascityhall.com/departments/pnv/strategic-planning/ program of $1 billion has been announced, with ten propositions Pages/comprehensive-plan.aspx.) It provides a vision of a former including a focus on streets and transportation. suburban Sunbelt boom town transformed into a thriving 21st century metropolis—a city that offers a balance of urban and suburban living and work opportunities. The vision calls for: Quality housing made more attainable; Strong and healthy neighborhoods; Enhanced transportation systems; Environmental sustainability; New development patterns; and Strategic Engagement: Economic Development Plan An enhanced economy through balanced land use and strategic The 2013 Strategic Engagement Economic Development Plan has three public investments. main objectives for preparing Dallas for the future: Grow the economy; Increase economic opportunities for residents; and Broaden and diversify the tax base. Achieving these will contribute to the fourth objective: Assist in the development of sustainable communities. For more information on Strategic Engagement, visit http://www.dallasecodev.org/488/Publications Credit: Urban Fabric Photography City of Dallas Economic Profile 2017 (214) 670-1685 | www.dallasecodev.org BUSINESS DEVELOPMENT PROGRAMS Public / Private Partnership Program The Public / Private Partnership Program (P/PP Program) assists for-profit companies and developers to offset project or operational costs through a number of economic development incentives. As each project is unique, proposals are considered on a case-by-case basis. Tools available include tax abatements, grants, loans, and infrastructure cost-sharing, among others. The P/PP Program is intended to provide city support for development projects that have financial gaps or for projects that otherwise represent a competitive situation for the city against non-Dallas locations. Companies or developers pursuing incentives under the P/PP Program must provide written assurance that “but for” the incentives, the proposed project would not occur, or would otherwise be substantially altered so that the economic returns or other associated public benefits secured by the city’s participation would be reduced. A project must be physically located within the city of Dallas to be eligible. Projects located in a Target Area are given special consideration. Target areas have high poverty and/or city-identified priorities, including the NeighborhoodPlus and NeighborUP programs. Other Programs The City of Dallas (EB-5) Regional Center (CDRC) is dedicated to assisting individuals and their families through the EB-5 immigration process who are looking to invest in businesses and development projects located within the Dallas city limits. The CDRC offers a variety of qualified investments to foreign investors that meet or exceed program requirements and offers investors features unique to the EB-5 community. New Markets Tax Credits (NMTC) is a federal tax credit program used to attract private investment for business and real estate development in qualified low-income neighborhoods. Investors receive tax credits for qualified investments, which serve as a subsidy to the project. Where designated, Foreign Trade Zones (FTZ) allow duty-free importing of foreign-made components that are assembled, manufactured, processed, or packaged in an FTZ. Products for export are not taxed. DFW Airport’s “Alternative Site Framework” expedites approval of FTZ projects in the city of Dallas. Freeport Tax Exemptions provide ad valorem tax exemptions for goods that are detained in Texas for 175 days or less. The incentive value depends on location.
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