Dallas City Bond Election, Proposition I- Economic Development
The bond will provide funding to facilitate the revitalization of commercial corridors, transit oriented development, mixed income housing, mixed use development and neighborhood revitalization in the various council districts. Specific projects are not necessarily known in advance but should advance an established council priority or plan and meet parameters outlined in the approved proposition. Weights are given to projects based on enhanced activity and below median home value. The majority of the bonds authorized for economic development in 2012 have been issued. (For detail see www.dallasbond.com )Total projected cost: $55.4 Million.
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Yes - For the Measure
No - Against the Measure
• The program provides flexibility to economic development efforts and the ability to leverage direct and indirect private and public investment. Since 2012, bond program funding has supported $400 million of new and proposed commercial development with an associated 3,200 jobs.
• The city’s bond rating agency reports that the city’s debt is manageable and some relief for the beleaguered police and fire pension fund was provided by the state legislature this spring, alleviating concerns about financial stability. The city will pledge to raise taxes sufficient to pay debt service but does not expect to need to increase property taxes for this authorization. Bonds will be issued over the next several years as needed. The portion of the tax rate used to pay off debt and the overall tax rate have declined slightly in recent years.
• The city of Dallas property tax rate is higher than that of most cities in Dallas County, and is significantly higher than that of Plano, somewhat higher than that of Arlington and slightly lower than that of Fort Worth. A relatively high tax rate means a city has to compete harder to attract and retain business.
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