Here’s the deal on the Lake Highlands PID, following some earlier confusion: Prescott Realty (the developers of the $400 million Town Center) has initiated the implementation of a PID, Public Improvement District, which is essentially an agreement between the city and property owners to allocate a new tax from businesses within the PID to improve services such as security, streetscapes, and public promotion of the area, which will in turn attract the retailers that we want to Town Center and other Lake Highlands centers within said area. (This is how Bryant Marshall, Prescott director overseeing PID efforts, explained it to me.) If you are confused about the difference between a PID and a TIF (already in place in this area) please check this out.
Prescott has now taken the first major step required to put a PID in place, which is to file a formal petition. In order to do that they had to get:
Owners of property valued at 60 percent of the taxable value of the land within the PID to agree. (For example if the land was worth $1 million, property owners of at least $600,000 worth of the land would need to agree to the PID.)
AND
One of the following two things: 60 percent of the entire land area … OR, 60 percent of the population within the PID boundaries would need to agree. (Prescott garnered 60 percent of the land area. Marshall added that the City of Dallas’ requirements are stricter than the State, which only requires 50 percent.)
So, Prescott was able to meet these requirements and submit the proposal to the City. There are several other steps required by the City before the PID is put in place, along with the currently projected dates for each event to occur. Here they are:
Signed petitions presented to Economic Development staff (That’s the part you just read about) 4/1/09
City Council action; call a public hearing for 6-25 on creating PID 5/28/08
Publish notice of public hearing in Dallas Morning News NLT 6/9/08
City Council hearing and consideration of a Resolution creating PID 6/25/08
City Council action; call a public hearing for 2009 assessment rate 9/10/08
Publish notice of public hearing in Dallas Morning News NLT 9/14/08
City Council holds hearing and considers a Resolution approving assessment rate for 2008 9/24/08
Property tax information to DCAD and Dallas County 10/1/08
Dallas County mails 2008 tax statements 11/15/08
Distribution #1 of PID funds from City 2/1/09
A Back Talk commenter touched on these details earlier — thanks "Smito".
That all means the PID ball is currently in City’s court, but it has not yet been approved. IN THE MEANTIME … Prescott is working through the logistics of forming a PID fund management entity, following the City’s guidelines. The entity must be organized as a 501(c)3 nonprofit. Marshall says that in forming this board, Prescott will look to successful PIDs such as the Uptown PID as a guide. Prescott has not reached a point where Marshall can say exactly how members will be selected, but he says it will need to be fitted to Lake Highlands’ specific needs and resources. For example, Uptown has a very large PID board, whereas Lake Highlands is looking at about 13 members.
There’s a perception that Prescott has the most to gain from the PID, Marshall says, which he says is true while adding that Prescott also has the most invested. Prescott has done multiple surveys to determine what type of retailers neighborhood residents want in LH Town Center. The way Marshall explains it, both Prescott and the community have to take the necessary steps to make Lake Highlands attractive to new businesses and developers, and the PID will be used as a tool in that process.
Here’s a drawing of the PID boundaries from the City, with grey areas indicating businesses/townhomes that were ultimately excluded from the PID.Download Lakehighland-PID.pdf
