WHAT IS A PID?
A PID works much like a neighborhood HOA, helping maintain and revitalize public areas within the district, but is funded through an annual assessment primarily set for business/commercial property owners, rather than homeowner dues. Authorized by Chapter 372 of the Texas Local Government Code, Public Improvement Districts have been created in all major Texas cities since 1986. Some examples of PIDs are Deep Ellum, Lake Highlands, Knox Street, Uptown, Downtown, and Vickery Meadow. These have been highly successful and have improved the areas exponentially over the years.
HOW WOULD THE WESTHOLLOW PID BE FUNDED?
The WHPID is funded through a special assessment on commercial, condominium and single-family properties in the WHPID boundaries. The anticipated annual assessment rate for 2016 will be $0.13 per $100 of appraised value as determined by the DallasCentral Appraisal District. So a $300,000 property valuation at this rate would face an approximate $390/year increase in taxes in order pay for the PID. That’s equivalent to $32.50/month, less than most people pay for gas in their car for a week. SENIORS WITH OVER 65 TAX EXEMPTION AND DISABLED WITH THE DISABLED TAX EXEMPTION WOULD BE EXEMPT FROM ANY PID TAXES YET WOULD STILL REAP THE BENEFITS.
WHAT IS THE DIFFERENCE BETWEEN A TIF AND A PID?
On a very basic level, a TIF (Tax Increment Financing District) is an economic development tool that utilizes public funding incentives to promote private sector investment and redevelopment projects along integral city corridors to boost real estate values. A PID (Public Improvement District) is a special agreement between the city and commercial, condominium and townhouse property owners within a specified district to fund public improvements beyond existing municipal services. Much like an HOA for homeowners, a PID helps commercial property owners and involved residential owners maintain and revitalize public/common areas within the District such as parks, medians, and much more.
HOW WOULD THE WESTHOLLOW PID BE MANAGED?
The Westhollow PID would be managed by a private, non-profit association:Westhollow PID. The WSPID is governed by a Board of Directors comprised of contributing property owners and key leaders within the Westhollow community. The corporation would employ a full time Executive Director, who is responsible for day-to-day management and strategic planning, submits an annual budget and assessment rate plan to the Dallas City Council for approval and serves as a community liaison. The corporation also would employ a Public Safety Coordinator to work with the Dallas Police Department and to assist property owners with concerns and best practices.
WHAT ARE SOME GOALS OF THE WESTHOLLOW PID?
The PID would work behind the scenes on subtle but important projects to benefit the Westhollow community, including marketing the area, providing additional security, landscaping and lighting, street and sidewalk maintenance and cleaning, and cultural or recreational improvements as well as:
• ALL of the causes listed under our CAUSES are of our website as well as:
• Funding and coordinating additional Dallas Police Department (DPD) neighborhood patrols 35-40 hours per week
• Landscaping and maintaining park and median improvements along the Forest, Marsh, Walnut Hill and Webb Chapel corridors
• Partnering with local organizations to improve the quality of life in the Westhollow area
• Unifying businesses, property owners, neighborhoods and organizations that shape daily life in Westhollow.
• Working with developers to bring in higher-end establishments and better quality restaurants, grocers, and retailers.