At the June 22 Dallas City Council meeting, the council will consider entering into a business personal property tax abatement program for a Goldman Sachs sponsored project at 2323 N. Field Street. Since the project is within a proposed State of Texas Neighborhood Empowerment Zone (NEZ) the applicant is entitled to a number of tax breaks. According to the meetings agenda material, the program is meant to “promote an increase in economic development in the zone.”

As an incentive for the City to enact the new NEZ, Goldman Sachs has provided financial figures for its plans. Goldman Sachs (or affiliate) anticipates leasing a minimum of 800,000 square feet of office space in a newly constructed building to be built by the owner on the property. In addition, the applicant anticipates investing a minimum of $90 million in tangible business personal property, including tenant improvements and fixtures, furnishings, and equipment and owner anticipates investing approximately $390 million in real property improvements, for the construction of the building, by 2028.