Backing Up Ron Kirk’s Point

We have evidence that Victory is, indeed, a success, as Kirk says. As it happens, the draft annual report for fiscal year 2007 (ending September 30) for the Sports Arena TIF came out on Monday. It won’t go online until the City Council formally accepts it next month. But here are the relevant numbers from page eight:

The district’s assessed 1998 [Ed note: the year of the arena election] tax value was $16,423,773. The total appraised value of all taxable property for 2007 was approximately $386,526,044 … which represents an increase in taxable value of $206,251,094 (114%) from 2006.

So is Victory a success? As an investment by the City of Dallas, it is a huge success.

Newsletter

Get a weekly recap in your inbox every Sunday of our best stories from the week plus a primer for the days ahead.

Find It

Search our directories for...

Restaurants

Restaurants

Bars

Bars

Events

Events

Attractions

Attractions

View All

View All

Comments

5 responses to “Backing Up Ron Kirk’s Point”

  1. Sean says:

    Which would be great if the city, county, school district, etc. were collecting the revenue from the taxes generated on that increased property value. But isn’t the purpose of a TIF to take the revenue you would have collected from taxes and put that back into the infrastructure of the district? What more infrastructure is needed? What is that money funding? What revenue is the city putting in its pocket?

  2. the amanda says:

    I don’t care about all that fancy tax stuff. My last two steaks at n9ine were sub par Luby’s fare. Can I get a shout out from Nancy? I think in the long term after the incintives are gone, what is left is the arena. The shops and restauarnts need to be better than mediocre to draw patrons.

  3. Daniel says:

    Good point, Sean. It’s my understanding that TIFs are used — or should be used — to kick-start an area that just needs a little momentum before it can turn the corner and roll on its own. (Every Thursday, getchyer three-for-one metaphors at Chez Daniel. Free similes for ladies until 9!)

    You could find no more deserving and civic-spirited example than downtown Dallas. Victory, though? Hmm. Maybe. Frankly didn’t know it had one. When is it due to lapse? Anyone?

  4. dallasdano says:

    But this truly never was blighted property as everyone claimed…sure there was an old powerplant…but look at all the tax incentives they got in that TIF. Someone would have built on that property…and the county would have gotten significant tax revenue for it instead of giving it away to the “usual suspects.”

  5. Idunno says:

    Could have a taxable value of 1B, but nothing from something is always nothing. Way to sell it Wick.