For decades, Dallas mega-suburb Plano planned and prepared for this moment.
The historic downtown — a poorly-scaled anachronism from when this city of 260,000 housed a mere 3,500 people — was revitalized and reimagined as a “transit village.” Tax increment financing helped support urban-style, walkable development.
All because DART was building a rail line and forward-thinking town leaders wanted to be ready. Now decades of careful planning and preparation are paying off; Plano is poised to secure $60 million in transit oriented development near its two rail stations.Important in her description of the Plano initiatives is the development of a $30 million mixed-use apartment complex with 280 units and a similar initiative by a second developer. She adds:
The new rail stations have raised property values along Plano’s rail corridor about 200 percent, said Deputy City Director Frank Turner. That has generated about $40 million from Tax Increment Financing, a method for taxing projected increases in property values. That money will be used to help advance its vision for a vibrant, walkable downtown, . . . .
|Downtown Plano after the arrival of DART.|
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