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July 10, 2002

Dallas County OKs City Center TIF budget increase

The Dallas County Commissioners on Tuesday approved a request for a revision to the City Center tax increment financing district that would increase its budget authority from $49.2 million to $108.9 million.

The revision will allow the district to undertake an additional round of public improvements that would support the Downtown Partnership's new retail revitalization strategy in the Elm Street/Main Street/ Commerce downtown core.

This increase is critical, said Susan Mead, executive director of Downtown Partnership Inc.

"We have generated the increment in the City Center District much faster than originally anticipated due to the level of investment that has occurred in downtown since 1996, and we would have reached our realized our limit at the end of this year," Mead said. "This revision allows us to continue with the revitalization underway and maintain the momentum we have achieved for new investment and redevelopment."

The city extended the budget authority of the City Center district in May.

Richard Lake, managing principal of Madison Retail Group, the real estate firm managing the master leasing effort for downtown echoed the sentiment.

"The city and county's continued support and participation is critical to the ongoing success of downtown and ultimately Dallas, overall," Lake said. "Clearly the level of interest and new investment speaks for itself."

So far this year, several national retailers have opened shop in downtown Dallas, including The Corner Bakery, Chipotle Grill, Atlanta Bread Co., and Starbucks at the Magnolia Hotel. Two new restaurants also have opened along Main Street during the past two weeks the Metropolitan Restaurant and Campisi's.

Downtown Partnership said it hopes other potential retailers will include a food store or market, bookstore, live arts and restaurants.