Dallas City Hall Gives Developers Taxing Power
By BJ Austin, KERA News
Dallas, TX – Dallas City Hall is giving TAXING powers to developers. KERA's BJ Austin says the City Council has given initial approval to three M-M-D's - or municipal management districts.
The difficulty borrowing money these days prompted three landowner/developers to ask City Hall for the municipal management districts: near North Lake and the border with Coppell; North Oak Cliff between I-30 and Davis Street; and along the Trinity River, west of downtown. An M-M-D allows a developer to tax property owners in the district in order to fund major projects, such as streets, water and sewer. Councilmember Jerry Allen says it's a great economic development tool.
Allen: It allows the developers to go in with their money, take their risk, which then will generate revenue for the citizens of Dallas.
Councilmember Mitchell Rasansky expressed concerns about the city's ability to get its taxes-due should such a big project fail. He vote NO. The State Legislature must approve the M-M-D's before detailed deals with the city are worked out. Council members say there are protections for current and future residential property owners, and the Council must approve all bond sales.