LakeCitiesSun.com
Anthony Scott // December 17, 2009
Lake Dallas City Council is considering implementing a Tax Increment Finance Zone to help boost development dollars and secure money for a Denton County Transportation Authority membership.
City Attorney David Berman presented an explanation of what Tax Increment Finance districts are to Lake Dallas City Council last Thursday night. The city is looking at the possibility of creating a TIF district about 60-square aces near the intersection of Swisher Road and Interstate Highway 35E.
"The TIF will help with the funding of public projects and perhaps grants for private development," said City Manager Earl Berner. "The TIF promise, that is increased tax revenues can be used to borrow funds for capital expenditures up front just like we do with other large capital projects in the City although the annual debt service will be paid from TIF funds."
Council talked about getting an A-train rail station along Interstate Highway 35E and possibly using the money for grants to developers to bring the city transit-oriented development.
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