Council approves TAD recommendation to support redevelopment of 415 Rome Street

Carrollton’s mayor and council voted Oct. 7 to approve a redevelopment authority recommendation to pursue a Tax Allocation District (TAD) agreement for a downtown property at 415 Rome Street.

City staff said the redevelopment authority (which serves as the city’s TAD advisory committee) recommended that the city manager be authorized to negotiate an agreement to reimburse the property owner with tax‑increment revenues on a pay‑as‑you‑go basis, subject to conditions and annual reimbursement limits tied to the increment created by the parcel. Staff referenced a not‑to‑exceed amount in the application packet (staff language cited approximately $1.94 million) and stated reimbursements would be payable only upon submission of paid invoices and subject to a schedule and budget that must substantially conform with the submitted renderings.

A project representative described plans to renovate a roughly three‑acre downtown retail center, including parking‑lot improvements, unified facades, new landscaping, lighting, and tenant improvements intended to attract new retailers and restore a historic block of downtown retail. The representative said the proposal aims to bring an updated, higher‑quality facade and public seating areas to a long‑underused block.

Council voted to approve the redevelopment authority’s recommendation and authorized staff to move forward with negotiating a TAD agreement subject to the conditions stated by staff. The agreement will require project completion in substantial conformance with submitted plans and limit annual reimbursements to the tax increment produced by the parcel and within the timeline identified in the recommendation.

Next steps: City staff will negotiate the final TAD agreement and return to council as required for execution or further approvals.