Dallas Mayor Mike Rawlings says he wants to identify South Dallas business opportunities to bring in $8.5 billion in tax revenue over the next two decades.
“South Dallas is not a charity case; It’s a business opportunity,” Rawlings told a crowd of more than 200 people Monday afternoon, as he detailed his Grow Dallas plan.
With South Dallas comprising 45 percent of the city's population, while contributing to 15 percent of the city’s tax burden, there’s an opportunity to grow South Dallas’ tax base, Rawlings said.
“We want to improve the quality of life and attract new business to this community,” he said, adding that Dallas can’t afford to think in silos anymore.
South Dallas is a solid enterprise for private investors that should compete with North Dallas for new growth, he said.
Private investment and city dollars come into play with a project like this, which could cost roughly $1 billion over the next 10 to 15 years, he said.
Those dollars identified to fund the numerous community and development projects include:
· $700 million in TIF funds
· A projected $500 million in 2012 bonds
· $25 million from federal government community development block grant funds
· An unknown number of continuing transportation grants
· $8 million earmarked for private-public partnerships
Rawlings, who says he’s the city’s top salesperson, says this plan will change the trajectory of the city and lead to new opportunities down the road.
Candace covers commercial and residential real estate and sports business.
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