Dallas Economic Development Corporation Secures $1.5 Million Grant
The Dallas Economic Development Corporation has secured a $1.5 million grant from the Communities Foundation of Texas, the organization announced Monday. The funds given to the quasi-independent nonprofit, which was established by the city nearly four years ago, extend through May 2028, and are intended to broadly support the EDC’s core mission.
Objectives and Mission
Those objectives include revitalizing city-owned properties, and various marketing efforts. In a statement, Linda McMahon, the group’s president and CEO, called the grant a “transformative investment” that strengthens the nonprofit and “validates the importance of our mission.”
“We look forward to rallying additional investors to amplify the impact of this gift across our city,” she added. Wayne White, president and CEO of the Communities Foundation of Texas, called the grant “a strategic investment in Dallas’s economic future.”
Communities Foundation of Texas
The Communities Foundation of Texas, which was founded in Dallas in 1953, now ranks as one of the state’s largest philanthropic groups. It awards thousands of grants annually to area nonprofits, and distributed $158 million in fiscal year 2024. The EDC grant will come through various “unrestricted and field of interest charitable endowment legacy funds” that are managed by the foundation, according to a Dallas EDC representative.
Impact on Downtown Dallas
In 2022, the Dallas City Council greenlit a plan to use $7 million in federal pandemic relief money to create a new nonprofit ― the EDC ― focused on helping drive the city’s economic growth, particularly in southern Dallas and other struggling areas. The new funding comes as the specter of a more uncertain future looms over downtown, one area of focus for the nonprofit.
In recent weeks, questions have swirled about potential moves out of the area that involve AT&T, Comerica, Neiman Marcus, the Stars and the Mavericks — all key economic pillars for downtown and the surrounding neighborhoods. The Mercantile Building, another downtown staple, is also undergoing major renovations and is currently uninhabitable after recently suffering extensive flood damage.
From left: the Mercantile Building, which is terminating all of its leases due to a leak and noxious odor; the Comerica tower, whose namesake tenants are eyeing an Uptown move; and 1700 Pacific, which is a shell of its former self
Robert Wilonsky
Conclusion
The $1.5 million grant secured by the Dallas Economic Development Corporation is a significant investment in the city’s economic future. The funding will support the EDC’s core mission of revitalizing city-owned properties and promoting economic growth in southern Dallas and other struggling areas. As the city faces an uncertain future, this grant is a welcome boost to the local economy.
Frequently Asked Questions
Q: What is the Dallas Economic Development Corporation?
A: The Dallas Economic Development Corporation is a quasi-independent nonprofit established by the city to drive economic growth in Dallas, particularly in southern Dallas and other struggling areas.
Q: What is the purpose of the $1.5 million grant?
A: The grant is intended to broadly support the EDC’s core mission of revitalizing city-owned properties and promoting economic growth in southern Dallas and other struggling areas.
Q: Who is the Communities Foundation of Texas?
A: The Communities Foundation of Texas is one of the state’s largest philanthropic groups, founded in Dallas in 1953. It awards thousands of grants annually to area nonprofits and distributed $158 million in fiscal year 2024.
Q: What is the current state of downtown Dallas?
A: Downtown Dallas is facing an uncertain future, with questions swirling about potential moves out of the area by key economic pillars such as AT&T, Comerica, Neiman Marcus, the Stars, and the Mavericks. The Mercantile Building is also undergoing major renovations after suffering extensive flood damage.
