LH Press Library
Officials Push to Save Town Square
Special district would be one of handful in the city
Lake Highlands People, by J.D. Sparks
May 13, 2005
Lake Highlands officials are racing full speed toward the development of the Town Square project by asking homeowners to create a special Tax Increment Financing District.
Last week, homeowners from White Rock Valley and White Rock Villas gathered about 30 percent of the signature necessary to make the community a special district.
If approved, it would be one of the only seven others in the city of Dallas.
“This is being done in order to show all involved – the council, the mayor, and all – that the community project is desired by every member of the TIF,” City Councilman Bill Blaydes said.
The TIF proposal is spearheaded by the Dallas Citizens Council, a group of about 100 business leaders.
“This is something the community has needed to have available to them for at least the past 15 years if we’re going to have any way to redevelop areas that, frankly, are severely deteriorated,” said Donna Halstead, council president. “By all indications, support is tremendous.”
The proposed Town Square project calls for a dense, mixed-use redevelopment at the southeast corner of Skillman and Walnut Hill Lane (formerly Kingsley Road) and the southwest quadrant of Skillman Street and Royal Lane.
Last November, Fort Worth-based Trademark Co. development proposed a $280 million project that was a combination of residential, office, and retail space on the site. Additionally, plans called for a city park and light-rail station that would connect the community to downtown.
However, earlier this year that deal fell through.
Mr. Blaydes said there is a developer interested in creating a similar project, but he declined to provide details, saying the developer would soon make an announcement.
If Lake Highlands residents approve the TIF, construction on the Town Square project at Skillman Street and Walnut Hill Lane could begin as early as November, Mr. Blaydes said. The timetable would be up to the developers, however.
The two-year project will bring an infusion of retail, restaurants, and new housing to the area. Mr. Blaydes said the estimated completion value of the project is $240 million. The site currently is valued at $22.5 million.
The proposed special district encompasses roughly 1,750 properties in the area roughly bounded by Skillman Street, the LBJ freeway, Audelia Road, and Northwest Highway.
A TIF does not increase taxes. Instead, if directs the city to set aside taxes generated by increased property values within an area to be set aside for improvements.
Here’s how it works:
In order for the TIF to be enacted, buy-in is required of commercial and residential property owners. That buy-in comes not necessarily from widespread support but from cumulative wealth.
TIFs require support of property owners who property values total at least 50 percent of the tax base. In Lake Highlands, the base value of the proposed special district is $610 million.
As property values increase, the TIF directs taxes to go into a special fund. A board then asks the city to direct the funds toward designated improvements – streets, lighting, landscaping, or development projects such as the Town Square.
Supporters say the special district will positively impact the entire community.
“The Town Square project runs through the heart of this community,” Mrs. Halstead said. “It will impact huge areas – schools, retail, residential – it will touch every aspect of the Lake Highlands community.”
Organizers will hold another signature drive from 9:00 a.m. to 6:00 p.m. Saturday at Highlands Café, 9661 Audelia Road.
Reprinted with permission of Lake Highlands People.
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