A recent Annual Budget Review presented to the Irving City Council clearly demonstrates the need for the city to rebuild its commercial property tax base which has been in a steep decline since 2009.
“The briefing by the city’s budget administrator made one of the strongest cases yet for the economic development aspects of the Irving Entertainment Center (IEC),” said David Margulies, spokesperson for TDI, which plans to invest in the project.
“The briefing document clearly shows that while residential values have been fairly stable commercial property values have continued to decline,” said Margulies. “Unless this trend is reversed by reducing vacancy rates and encouraging new development in the Urban Center homeowners will see additional pressure to make up the shortfall or face a decline in city services.
“The real solution to the city’s long term budget issues is to increase Irving’s commercial tax base,” said Margulies. “The IEC is the only shovel-ready project designed to do the job.”
The city’s economic development briefing also points out interest rates remain at record low levels, another reason to lock in financing now.
“Our due diligence and investment of more than $1 million in research has shown the IEC is a viable project with great potential,” said Bobby Page, TDI managing director. “We believe that the project can move forward with the city investing as little as $100 million, down from the original $170 million figure that has been discussed previously and is awaiting a bond rating.
The proposal will also provide additional revenue sources for the city to pay off the bonds and a new operating entity for the IEC.
“We believe we can address many of the concerns opponents of the project have had in the past,” said Page. “We have made a new proposal to the city that will allow this project to move forward with groundbreaking as soon as 6 months from of the city’s go ahead to start construction.
“We have asked for meetings with elected officials and the city staff to keep moving forward because every day an empty lot sits next to the convention center is a day of wasted opportunity for growth and development,” added Page.
Source: TDI
