Dallas City Hall thinks taxpayer financing for property owners near the American Airlines Center will be a good deal—not just for those property owners, but for taxpayers and for small businesses across the Trinity River.
They’re called TIFs…Tax Increment Financing. The AAC is one that worked. When its TIF was created in 1998, the arena and surrounding development were just a dream, but tax money put back into the area helped entice new development in what is now Victory.
With housing and hotels and restaurants a part of the landscape–and its TIF about to expire—some at city hall would like the see the arena TIF extended with a new purpose: to finance a parking garage. “Putting a parking garage liberates more land to be developed within Victory and that generates tax increments,” said Karl Kavitkovsky, Dallas’ Economic Development Director. To sweeten the deal, the new TIF would also drop seed money on new businesses in the Riverfront and West Dallas neighborhoods.