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TIF annual report highlights Redbird progress, new workforce center and tax increment growth
Summary
The Mall Area Redevelopment TIF District’s FY2023–24 annual report, presented to the board, details redevelopment activity at Redbird Mall and the International District, tracks tax increment growth and lists district goals and fund balances; the report had already been accepted by City Council.
The Mall Area Redevelopment TIF District presented its fiscal year 2023–24 annual report to the board for information. Staff noted the report had already been forwarded to and accepted by City Council on Feb. 26, and therefore the presentation was informational rather than a board action.
Staff outlined major accomplishments in the past year: the conversion of a high-rise office building into a Dallas Independent School District facility remains in design with an anticipated opening in 2026; Monfort Drive Complete Street construction advanced in 2023 and public works staff told presenters they expect construction to finish in the next few months; and design work has started for the Camp Wisdom project (Camp Wisdom Road from U.S. 67 to Westmoreland), a roadway and pedestrian upgrade funded in part with federal TxDOT Congestion Mitigation and Air Quality (CMAQ) dollars and local match that is expected to enter construction in late 2026.
The report also summarized recent private- and public-sector activity at Redbird: a Chick-fil-A opened Nov. 9, 2023; Dallas College opened a roughly 53,000-square-foot workforce development and training center inside the mall on Dec. 8, 2023; a 5,400-square-foot multi-tenant retail building replaced a former Blockbuster site; and the Dallas Entrepreneurial Center at Redbird expanded by about 12,600 square feet (bringing it to roughly 20,000 square feet) with a grand opening on April 18, 2024. Staff noted a previously authorized incentive agreement with Randalls (Albertsons Companies) for a full-service grocery store had been withdrawn publicly by Albertsons in late December 2024.
The report highlighted a funded childcare facility: staff said Vogel Alcove secured a New Markets Tax Credit transaction between the Dallas Development Fund and JPMorgan Chase providing roughly $6.61 million for a 14,477-square-foot childcare resource center serving infants through pre-K; staff indicated construction completion and opening were anticipated in early 2025 (and staff later noted the facility opened in January).
On district performance, staff presented tax-value figures: the adjusted base value when the district was created was about $176 million. The 2024 certified tax roll for the district’s taxable property was presented at roughly $434 million, an increase of about $257 million (146%) over the adjusted base value. The Monfort Subdistrict’s certified taxable value was reported as about $372 million (an increase of $223 million from base), while the Westmoreland Subdistrict’s certified value was reported at about $61 million (an increase of $33 million). Staff said the TIF captured incremental tax revenue anticipated to be collected into the district fund in 2025 is about $1.6 million; the fund balance for the district at the end of the fiscal year was presented as roughly $3.1 million.
Staff reviewed district goals and progress toward them: multifamily development totals reported for projects in the district are about 1,336 units and 256 hotel rooms with a combined approximate private investment value of $425 million and roughly $15.6 million in TIF investment to date. The district’s mixed-income housing policy (20% affordable units for projects using site-specific TIF funds at 80% AMI) remains in force; staff noted some recent projects occurred without TIF funding and therefore did not provide affordable units, while other projects that received housing tax credits and other city funds do include income-restricted units.
Board members briefly complimented staff on the report; Suzanne Smith said, “That’s a great report, Kevin. I know you put a lot of work into it and it definitely speaks to just really all the effort that has been put into this over the last couple of years.” Staff emphasized continued work programs including coordination with property owners, consideration of plan or boundary amendments, coordination with the county on interlocal agreements, and implementation of the International District strategic plan.
Because City Council already accepted the annual report, the board took no formal action on the report itself during the meeting.
