Improving & Spurring Economic Development
Urban renewal is a tool used by many cities to help improve and spur economic development within a specific geographic area (district) by using tax-increment financing to implement capital improvements and other projects within the district. The purpose of urban renewal is to increase the total assessed value of the district, and during the duration of the district, use the funds derived from that increase in assessed value to fund the various projects in the Urban Renewal Plan. Once the district expires, the full assessed value of the district comes back on the rolls and the increased revenue goes into the City's general fund.
The City of Dallas Urban Renewal Area is essentially composed of the downtown core area (see map below) and was approved in 2005. The Urban Renewal Plan contains both the structure and potential projects of the district. In our case, the City Council acts as the Urban Renewal Agency, and they have appointed an Urban Renewal District Advisory Committee (URDAC) to carry out many of the planning and implementation activities contained in the plan. URDAC meets the first Tuesday of the month at 5:30 pm at City Hall (187 Southeast Court Street).