Dallas committee backs TIF boundary expansion and up to $103 million subsidy for Bank of America Plaza redevelopment

The City of Dallas Economic Development Committee voted to advance a package of actions that would expand the Downtown Connection tax increment finance (TIF) district to include 901 Main Street (the Bank of America Plaza) and 1401 Commerce Street (the Magnolia Building) and recommend a project subsidy for the 901 Main redevelopment not to exceed $103,000,000. Vice Chair Ridley moved to advance staff’s recommendation and the motion carried, with the committee recording six votes in favor and one opposed; the transcript does not list individual roll-call votes.

The measure now moves to full City Council, which must call and hold a public hearing under state law before amending a TIF district project plan. Staff said City Council is scheduled to call the public hearing on Oct. 8 and hold it on Oct. 22, at which time the council will consider two items: (1) the TIF plan amendment to expand the district boundary and (2) the proposed subsidy for the redevelopment project.

Why it matters: Staff and the TIF board presented the package as a large-scale effort to reuse underutilized downtown office space, stabilize downtown tax base and support place‑making along the Lamar Corridor in the Central Business District (CBD). The redevelopment is tied to other downtown investments, including the Convention Center redevelopment, staff said.

What the plan would do: Kevin Spath, Director of the Office of Economic Development, and Tamara Leake, interim…