The Design District TIF District is located just to the northwest of downtown, straddling Stemmons Freeway from roughly Wichita Street to Medical District Drive. It was established to assist in the transformation of the old Stemmons Industrial area into a diversified, pedestrian friendly, mixed-use neighborhood near the heart of Downtown Dallas. The mission of the Design District TIF District is to provide a source of funding for public infrastructure improvements to assist in redeveloping an industrial and warehouse district to take full advantage of the expanding DART light rail system, to promote transit-oriented development, to improve access to the Trinity River, and to enhance the quality of development adjacent to the Trinity Corridor.
This Sub-district follows the original boundaries of the Design District, plus additional property along Slocum/Dragon Streets and Riverfront Boulevard.
The Design District Sub-District's 2016 taxable value was $543,129,404, an increase of 180% of the base year. The positive increase in the Sub-district's tax base can be attributed on an approximate percentage basis to new construction (77%), property transactions (6%), and appreciating property values (17%).
During FY 2013, an expansion of the Design District TIF district and plan amendment was approved by Ordinance Number 29037 to create two subdistricts within the Design District TIF District: (a) Design District Sub-District and (b) Market Center/Stemmons Sub-District (an expansion area to facilitate the redevelopment of the Dallas Apparel Mart site).
The Market Center/Stemmons Sub-District taxable value was $127,904,300 in 2016, an increase of 45% over the base year. On an approximate percentage basis, the increase is attributed to new construction (95%) and appreciating property values (5%).