Steven Glickman,
Chief Financial Officer
Unique amenities, innovative developments, nationally acclaimed events, internationally recognized brands, and more restaurants per capita than any city in the U.S., Addison is the destination in North Texas for fast-paced business and world-class fun!
A great place to start a business, start your career or start a family, Addison is DFW’s ideal destination to live, work and play. Designed with entrepreneurial innovation and driven by community spirit, our unique 4.4-square mile urban enclave boasts 180+ restaurants, 22 hotels, upscale living, unique retail shops and more than 12 million square feet of office space.
Addison combines the energy, vibrancy, entertainment and commerce of a large city with small town sensibilities, creating an easy-to-use, friendly and accessible environment. Our progressive growth is engineered to support and promote your personal and professional progress.
At the June 25 City Council Meeting, CFO Steven Glickman provided a project status of the 2012 and 2019 bond programs, updates on committed projects, and potential future projects in the context of the five-year capital improvement plan (CIP) that will be included as part of the fiscal year 2025 budget.
Additionally, the CFO provided information on the proposed Certificates of Obligation, Series 2024. The proposed 2024 Certificates of Obligation issuance totals $10,700,000 and consists of the following:
With the proposed issuance, and accounting for anticipated growth in taxable property values and State Infrastructure Bank loan proceeds of $15,000,000, the Interest and Sinking (I&S) tax rate is estimated to increase from $0.159492/$100 in Fiscal Year 2024 to $0.174100/$100 in Fiscal Year 2025. The 2019 Bond Committee estimated that for Fiscal Year 2025, the I&S tax rate would be approximately $0.255400/$100, which is almost 47% higher than the current estimate for Fiscal Year 2025.
At the May 28 City Council Meeting, Parks & Recreation Director Janna Tidwell provided the Council with updates on a study by the North Central Texas Council of Governments (NCTCOG), focusing on connectivity to the Dallas Area Rapid Transit (DART) Rail Station in Addison, and the Quorum Drive reconstruction and placemaking initiative.
NCTCOG Connectivity Study
In 2023, NCTCOG informed Town staff that funds were available to conduct a study focusing on connectivity to DART transit stations and offered to include Addison in the study. Since that time, Town staff has been providing feedback and reviewing recommendations made by NCTCOG and the consultant team for the project.
Although several transportation corridors in Addison were analyzed for the feasibility of pedestrian and bikeway facilities, Westgrove Road and Quorum Drive were identified as the most ideal. The recommendations include a combination ranging from one-way separated bike lanes to two-way cycle tracks. Staff is planning a three-week pop-up demonstration after Oktoberfest to evaluate the impact of bike trails on Quorum Drive.
Quorum Drive Placemaking Initiative
In 2019, voters approved $26,302,000 for the reconstruction of Quorum Drive from the Dallas North Tollway to the DART rail right of way as part of a bond election. The project includes the development of pedestrian connectivity and $2.9 million in funds for placemaking recommendations made in the Town's Parks, Recreation & Open Space (PROS) plan. In 2022, the Council awarded a contract to Teague Nall and Perkins for the design and development of construction documents for the project and appointed a Public Advisory Committee to be a resource for background information and feedback in 2023. The committee has met three times and has been engaged throughout the process.
The recommendations for the project include removing the traffic circle and creating a park, adding park space and outdoor coworking space along the corridor, and incorporating a pedestrian/bike crossing at Belt Line. The vision would offer gathering space for corporate functions and visitors and an opportunity to facilitate open street concept events on weekends.
Since the bike lane project recommendations overlap with the Quorum Drive Reconstruction and Placemaking project, staff will incorporate recommendations into the construction documents where feasible.
The Les Lacs Pond Improvement project was released for bid in September 2023 with no bid participation. Staff reissued the bid in January of 2024 and received only one bidder who was significantly higher than the consultants’ Opinion of Probable Construction Cost. There are currently numerous projects in the DFW region that are much easier to perform and have much higher gross profit margins
During negotiations with the bidder, all parties determined that the best course of action would be to separate the project into two smaller projects: pond liner replacement and landscaping. At its April 23 meeting, the Council approved an amendment to the Westra Consulting contract for them to develop two sets of plans. This process will take eight weeks to complete.
Over the next two months, Town staff will continue to negotiate with their single bidder on construction items related to the pond liner, including installing a clay liner and deepening the pond to eight feet. They will also solicit bids for dredging and sediment haul-off from an outside contractor. Once the two sets of plans are developed, the Town will bid the new project which will include all items in the landscape scope. This project will begin once the pond liner project is complete and is anticipated to take six months.
You can watch the Council's Les Lacs Pond Improvement Project discussion here and read the presentation here.