Something about the proposed South Dallas Transit-Oriented Development—a centerpiece of the Mayor Wiley’s economic platform for the city’s lower-income area—doesn’t add up.
To promote equity in the disadvantaged area, Wiley promised tax-breaks to local businesses who agreed to leases at the TOD. The breaks would come in the form of Tax Increment Financing.
“We’re promising local business a 1:1 TIF on all EAV [Equalized Assessed Valuation] increases after the county assessor’s initial property tax estimate,” said Wiley. “In only a couple of years, they’ll start seeing an immediate ROI.”
County Commissioner Rice’s office is in charge of determining the TOD’s EAV. Translating Wiley’s economic jargon: local businesses get a one-to-one return on all property taxes once the TOD’s EAV surpasses the initial estimate. Sounds great, right?
Not so fast, says City Councilman Fred Bolden.
“Off the record, the mayor’s numbers are way off,” said Bolden. “The initial EAV they’re proposing is way too high. Suspiciously high. Sure, those businesses will get something from the TIF if they’re still around in 50 years.”
In other words, according to Councilman Bolden, Mayor Wiley’s a liar.
