$1 billion Dallas bond proposal heads to City Council
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Park and street improvements make up a majority of the $1.1 billion upcoming 2024 Dallas bond proposal approved by an appointed city task force this month.
Why it matters: Bond packages help cities pay for major infrastructure projects outside the regular annual budget. Cities typically use a portion of property tax revenues to pay off the debt.
Driving the news: The biggest line items in the recommendations, which must now be approved by City Council, are $375 million for street improvements and nearly $350 million for parks and recreation projects.
The proposal also includes:
- $73 million for economic development, including investments in preserving affordable housing rental options.
- $59 million to fix up arts facilities, including the Meyerson Symphony Center, the Dallas Museum of Art and the Majestic Theatre.
- $28 million to improve city libraries, including a new 18,000-square-foot Bishop Arts Library.
- Most of the $88 million recommended for public safety facility projects would go toward building a new Dallas police academy at UNT-Dallas.
Yes, but: Advocates had pushed for $200 million for housing, homelessness and economic development initiatives.
- The task force's final recommendation puts just $100 million toward the category.
What they're saying: "City funding is what is needed to help subsidize the building of affordable housing because market forces will never meet the deep, affordable [housing] need," Dallas Housing Coalition member Ashley Brundage told the Dallas Morning News.
Meanwhile: San Antonio allocated $150 million of its $1.2 billion bond package last year toward affordable housing projects.
- Austin put $350 million in bond money toward new affordable housing.
State of play: Dallas voters last approved a city bond package in 2017, putting about half of the $1 billion toward street improvements, a perennial problem.
- Last year, voters approved a proposition to add 2% to the hotel occupancy tax to pay for bonds to build a new convention center and update Fair Park.
What's next: City Council will be briefed on the newest bond recommendations Dec. 6.
- They must finalize the recommendations and decide whether to hold the election in May or November 2024.