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Board approves Downtown Connection TIF annual report; Newpark subdistrict and bond obligations highlighted
Summary
The Downtown Dallas Development Authority board approved the Downtown Connection TIF district annual report for fiscal year 2022–23. Presenters summarized district growth since base-year valuation, Newpark subdistrict status, budget capacity and committed funds, bond obligations, and mixed-income housing requirements added in the 2022 amendment.
The Downtown Dallas Development Authority board approved the Downtown Connection tax increment finance district annual report for fiscal year 2022–23 after a staff presentation summarizing district goals, recent activity and financial capacity.
Tamara Lee (presented as "Miss Lee" in the meeting) explained the district’s history and the 2022 amendment that added the Newpark Subdistrict and increased budget capacity to support redevelopment of surface parking lots and vacant land. Lee told board members the Downtown Connection Subdistrict’s 2023 certified taxable value increased substantially from its base year and that the estimated increment available for collection in the coming year is $43,785,458; she said this increment is city-only because Dallas County previously reached its participation cap in 2019.
Lee reported that previously funded projects in…
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