A new request is pending for more public money to boost retail development at the Dallas Victory Park project.
The $3.5 million in tax increment finance money would help complete a partially finished parking structure with wrap around retail store space at the ground level along Victory Park Lane, according to plans shared with the Dallas City Council Economic Development Committee Monday.
Councilman Lee Kleinman questioned the need to provide more support for Victory Park.
“I agree with all the things they’re trying to do and the reasons they’re doing it. I just don’t want the city to pay for it,” Kleinman said.
Economic Development Director Karl Zavitkovsky said the request is continuation of work initially supported by the city in 2012 when retail was struggling at Victory.
A Tax Increment Finance District to support the American Airlines Center sports arena and the Victory Park development around it was first established in 1998 as Dallas sought to replace the abandoned power plant previously at the site.
Now Victory is part of the thriving Dallas Uptown area where many cranes are on the skyline for new buildings going up with no city support.
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Just across Field Street from Victory Park. a development called The Union is under construction. It will include high rise office and residential space with restaurants and stores on a public plaza. It received no cash from Dallas City Hall.
“Just drive around Victory. Drive around Uptown. It’s booming now. It’s great. I’d rather see us put our money into areas that need it,” Kleinman said.
Monday, several residents who live in Victory Park on Victory Park Lane said they are anxious to see the retail space finished with the city money as promised.
“Follow it out. It’s doing nothing but creating more attention, more eyes on the city. I like it,” said entrepreneur Kenneth Smith Jr.
Resident Claudia Fernandez was giving her family from Brazil a tour of the Victory Park neighborhood she now calls home. She said completing unfinished features with the city money would make it even better.
“If they can help, why not? I think it will bring a lot of people to the city. It’s going to be a little bit more attractive for tourists, and it will help the city out,” Fernandez said.
The briefing Monday said the money could be voted on by the full Dallas City Council in November.
The committee meeting ended without a quorum present, so the committee took no official vote on whether to recommend the request for approval.
