The Downtown Tax Increment Funding District board recently made recommendations on how to utilize funds that have been raised. TIF funds can only be used for a specific list of projects.
The city’s website explains a TIF as follows:
The tax year in which city establishes the TIF sets the real property and/or sales tax assessed value base (base year). For each year in the life of the TIF, a special fund captures the tax revenue (either or both real property and sales) generated from the difference between the base year assessed value and that year’s assessed value. Other taxing districts except for school districts can choose to direct all or a portion of their tax revenues into the TIF.
The TIF board recently made recommendations to City Council and Mayor Douglas Athas regarding the TIF district that includes the downtown area as well as the Forest/Jupiter area.
Since the TIF began Nov. 2, 2003, it has brought in $3.7 million. By the end of the TIF’s time period, it will have provided $10.1 million.
Two projects are currently open: Repayment of debt funds for city center façade and an economic development agreement to repay tax increment that has accumulated to Oaks Fifth Street Crossing.
Cary Hodson, member of the TIF board and downtown property owner, reported that their recommendations were based on:
Texas Downtown Association’s assessment report
GDBA board recommendations
TIF board member input
City staff input
Stakeholder input
The board recommended following projects and amounts:
Managed district services – $1,048,827 – purchase of seasonal décor, decorative lighting, audio system, paid advertising on DART to promote downtown, downtown coordinator salary, benefits and operating funds for six years, landscaping and more
Public infrastructure – $750,000 – public seating, garbage cans, undetermined public infrastructure, shade structures, streetscape, improved sidewalks, restrooms, etc.
Face improvement program – $490,000 – improve building façades
Public parking lot improvements – $371,250 – perform parking inventory survey, designate/construct additional parking, designate and direct vehicles to public lots by wayfinding signage
Wayfinding/signage – $199,980 – local merchant signage for off-square businesses, parking signage
Enhanced square programming – $154,000 – install electric facilities, interactive play equipment
Public art – $50,000 – Murals
Robert A. Smith, downtown property owner and developer, explained the proposed duties of the downtown coordinator which include:
Facilitate community involvement; marketing; economic development; speak for interests of downtown area; coordinate teamwork among businesses; encourage property maintenance; respect historical character but embraces change; provide educational resources; facilitate coordination between Chamber of Commerce, Garland Downtown Business Association, city of Garland, merchants, etc.; help with activities and events including those of Parks and Recreation Department
Smith added that Arlington, Grapevine, Denton, Plano, McKinney Grand Prairie, Rockwall, Waxahachie, Dallas, Fort Worth, Greenville, Sherman, Denison and Waco have downtown coordinators.
The person chosen for the position will report to Becky King who would provide updates to the city manager and City Council.
Recommendations were unanimously approved by council and Council Members Anita Goebel and Jerry Nickerson commended the board on its hard work.