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OED reports on incentives, target-area investment and new small-business tools
Summary
The Office of Economic Development told the Workforce Education and Equity Committee the city attracted roughly 95.7% of documented private investment to policy-defined target areas through fiscal 2024, outlined an Infrastructure Investment Fund and described new small-business incentive tools created in the 2023 economic development policy.
The City of Dallas Office of Economic Development (OED) updated the Workforce Education and Equity Committee on March 4 about progress measures intended to close disparities in private investment, job creation and affordable-housing commitments in historically disadvantaged areas.
OED reported that, through the end of fiscal 2024, 95.7% of documented private investment tracked by the office was attracted to target areas defined in the city's 2023 economic development policy. The policy, adopted by council in January 2023, embeds equity criteria and target areas (many in South Dallas) and institutionalized living-wage requirements and new tools including an Infrastructure Investment Fund.
OED staff said the Infrastructure Investment Fund had accumulated approximately $12 million and city council had approved commitments totaling $11.1 million to three projects: Forest Theatre redevelopment ($7.7 million), Roland Parish Park ($3.0 million) and Venture Adventures Landing Park ($1.1 million). The office also said it is tracking jobs created or retained through incentive agreements that index wages to the MIT living-wage calculator; OED set a multi-year target to increase such jobs and reported ongoing progress.
City staff described recently adopted policy amendments that stand up a small-business program suite: when the small-business center functions were moved into OED, the office added streamlined, relaxed requirements for smaller developers and tools to support small-business expansion and job growth in target areas. OED said the new small-business program is intended to simplify processes that previously relied on neighborhood empowerment zone tools and to provide targeted support in Southern Dallas and other distressed communities.
Committee members asked for definitions: OED clarified that neighborhood empowerment zones are city-created tools with locally set criteria and that the state-designated enterprise zones (used as a poverty-based benchmark) are based on state criteria (20%+ poverty). OED said it will evaluate whether neighborhood empowerment zones remain necessary given the small-business toolset.
OED also reported that, through fiscal 2024 year-end, 555 affordable housing units have been created or committed in high-opportunity areas toward a longer-range goal of 300 units by fiscal 2027 (measure ongoing). The office said it will continue to refine target metrics as baseline data are evaluated and promised to return with additional information as data collection continues.
The meeting lost quorum before additional questions could be completed and the committee adjourned at 10:28 a.m.
