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Richardson officials briefed on DART plan to share sales-tax growth with cities through interlocal TIF-like agreements
Summary
City of Richardson staff and DART representatives described a draft master interlocal agreement that would let the transit agency share municipal sales-tax growth with member cities to finance transit-oriented projects for up to 10 years after activation.
City of Richardson staff and Dallas Area Rapid Transit officials on Thursday briefed the Richardson City Council on a proposed regional approach to allow DART to participate in tax-increment finance-style projects using municipal sales tax.
City Manager Don (last name not specified) and DART board chair Gary Slagle described a draft master interlocal agreement, developed by DART staff and a working group of city managers, that would allow DART to commit a share of municipal sales-tax growth inside defined zones to support transit-oriented development (TOD) near transit anchors such as stations, park-and-rides and transit centers.
The proposal responds to limits in existing Texas law for a transit agency’s direct participation in tax increment reinvestment zones (TIRZ/TIF). Council staff said the draft uses a master ILA and subsequent city-level letters of concurrence to create a “quasi-TIF” that shares incremental sales-tax receipts…
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