One concept that has been discussed for years has been creating a "property improvement district" (PID) for Parkdale.  Dallas has a website with information on the Dallas area PIDs.  Here is a link to the Deep Ellum PID: 

"The general nature of the service and improvements provided by the PID are to enhance security and public safety, maintenance, marketing and promotion, funding for long range planning for capital projects and other services and activities approved by the Dallas City Council."