The Victory Meadows Tax Increment Financing District Board of Directors on Jan. 14 approved its fiscal year 2023–24 annual report and voted to submit the report to Dallas City Council for review, the board chair announced.

Board members heard a summary from Ryan Doss, coordinator with the Office of Economic Development, who presented the FY2023–24 annual report and financial details. Doss said the district’s 2024 assessed taxable value was $662,000,342, a 302% increase from the adjusted base year (2005) and a 1.7% increase from the previous year. He told the board the city’s participation rate in the district is 80% and reported collections to county participants for the past fiscal year of $3,387,000.

The annual report states the TIF district took effect in 2006 and is scheduled to terminate at the end of 2027, with tax collections continuing into calendar year 2028. Doss highlighted recent development in the district including a mixed-use project behind REI and Starbucks, a steakhouse called State Yard and a new office building with first-floor state general office space beginning to lease.

Doss also told the board the district expects to retire remaining obligations tied to the Charles at Park Lane project this summer and estimated an anticipated balance of about $1,300,000 at payoff, which should free increment revenue for other projects. Administrative expenses for the district were reported at $42,000 for the year; Doss said the total includes staff time and city overhead charges.

Luis DeMayo, representative for Dallas County and director of planning and development, asked about the district’s recent growth rate and whether new projects are expected to increase valuation after a modest 1.7% rise. "That's fairly low as compared to some of the other Dallas TIFs," DeMayo said. Doss replied that officials are pursuing opportunities in the Five Points area but that many proposals remain early-stage at this time.

In addition to adopting the annual report, the board approved the minutes from its Dec. 12, 2023 meeting and voted to accept a tentative quarterly schedule of regular meetings for 2025. The annual report and the board’s recommendation will go to City Council in February, according to Doss.

The board did not take additional substantive actions beyond the report approval and schedule. Finance staff were available on the call for detailed questions but no supplemental motions altering budget figures were introduced during the meeting.

The board chair said that, barring grammatical edits, the annual report would be forwarded to City Council in February for review.