Karl Zavitkovsky, director of the Office of Economic Development for the city of Dallas, went before the Economic Development Committee this morning to discuss the Lake Highlands Town Center and the possibility of injecting more money into the stalled project. Here is the Powerpoint that will be shown to the council.

At the moment, the town center is nothing more than a parking lot and pavilion. In order to get the project back on its tracks and moving again, an additional $13 million more in tax increment financing (TIF) will be required. That means the TIF reinvestment will jump from $23 million to $40 million, some of which will be a straight-up economic development grant.

The new plan will make the Lake Highlands Town Center somewhat smaller than originally planned and have the first phase finished by December 2014. Further phases will be extended until 2019.

This story was first reported in The Dallas Observer's Unfair Park blog.