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Mon April 30, 2012
Dallas Looks To Extend Tax Breaks For Victory Development
A ten-year extension of tax breaks for the Victory Development around American Airlines Center has received tentative approval at Dallas City Hall.
A multi-story parking garage is the first project that would be paid for with the tax revenue generated from Victory development, money put back into projects rather than into the city’s general fund. The garage would be built by Hillwood, Ross Perot Jr.’s company, and developer of Victory.
Council member Ann Margolin didn’t see the proposal as such a good deal for the city.
Margolin: So, we’re building parking to open up their land, so they can sell their land and develop their property. Is that correct?
Zavitkovsky: Yeah, that’s accurate.
Karl Zavitkovsky, with the city, says the parking garage will open up surface lots to build on, as well as create necessary financial incentives for new business development.
Assistant City Manager Ryan Evans says it’s the spark that Victory needs, and will help the nearby Design District and West Dallas at the foot of the new Margaret Hunt Hill Bridge. Those two locations are being added to the tax increment financing district that helped build the American Airlines Center.
Evans: The problem is Victory has stalled. We have made 125 million dollar investment in an arena. We have made investment in the bridges. We do have a plan for West Dallas that needs a push.
Council member Margolin says the city would lose more than $22 million in tax revenue over the ten years.
Margolin: I can’t stop looking at the condition of the city’s general fund. I just have to keep looking at the general fund because the needs are so great.
City officials anticipate recouping the lost tax dollars in two years after the tax break extension expires thanks to an estimated $450 million in new development.