0

Funding Lined Up For Next Phase Of Downtown Streetscape Project

DALLAS -- It took three steps and some explanation, but the Dallas Urban Renewal Agency (URA) and the city of Dallas have begun the process of funding the upcoming overhaul of the 800 and 900 blocks of Main Street.This summer, the URA will complete its biggest "streetscape" endeavor yet, completing a makeover of two full blocks in the downtown core.Planning the project required several months of work and it seems financing the improvements also followed an unusually complicated path, with the city agreeing to secure a loan for the project. The URA, in turn, pledged to transfer its tax revenue to pay off the loan.The city and URA both approved an intergovernmental agreement Monday -- the Dallas City Council also is the URA Board of Directors -- guaranteeing each would fulfill its respective duties.Then the final step was for the council to authorize the city to secure up to $750,000 to complete the project, which is slated to take place in the weeks after Summerfest 2013, July 25-28.In another interesting turn of events, the city held a second public hearing on the sale of property including a home the city owns in the 11000 block of Orrs Corner Road.The first public hearing in May ended with the council authorizing a sale that never happened."The prior sale fell apart the day before we were supposed to close," said Jason Locke, the city's community development director.He said the prospective buyer had an issue securing financing and therefore the property was relisted for sale.The current offer is similar to the first and will provide the city $215,000, which will go to its sewer fund.

Comments

Use the comment form below to begin a discussion about this content.

Sign in to comment

CLOSE X

Information from the Itemizer-Observer and our advertisers (Want to add your business to this to this feed?)