Saturday, January 31, 2009
SMU to University Park: “We’ll pony up for Bush Library-related lost tax revenue”
With the expected demolition of Park Cities Plaza in the next few years and Southern Methodist University's acquisition of the additional real estate required to build the George W. Bush Presidential Library, the school has agreed to pay the City of University Park millions of dollars to compensate for lost property tax revenues.
Park Cities Plaza is the strip mall located on Mockingbird between Central and Airline - currently home to la Madeleine, Horchow, Alphagraphics, CVS Pharmacy and other businesses.
Another parcel of land in question is Potomac Park, just behind the strip mall.
posted by JM
snowboard9, says:
Good to hear and an excellent compromise. Is this a one time compensation?
How are we doing about taxing the church? As churches eats up more and more property (like along Preston Rd) how is that lost tax base going to be recovered?
Anonymous
10 months agoLink to this comment | Suggest removal
alexander troup, says:
Who cares, lets read commic books about Batman and the Joker...
Verified
10 months agoLink to this comment | Suggest removal
John Meyer, says:
Snow: so far it's "$2.4 million over the next three years," but from my reading there's still a great deal of negotiation going on, some if it involving lost sales tax revenue in addition to the property tax shortfalls.
Staff
10 months agoLink to this comment | Suggest removal