Near Southside TIF extended for 10 years
Published on November 09, 2022
The City Council on Tuesday unanimously extended the Tax Increment Financing District for the Near Southside another decade with the expectation that remaining infrastructure projects can be completed.
TIF 4 was scheduled to expire at the end of 2022. But under new terms with Near Southside Inc., the advocacy group overseeing development just south of downtown and which manages TIF 4 for the City, it’s likely several projects in the pipeline as well as a waitlist of others, can receive some funding.
“We began to look at some of the longer-term infrastructure needs within TIF 4 and realized this was a little bit of a different beast from some of our other TIFs,” said Robert Sturns, the City’s economic development director.
A tax increment finance district collects tax revenue within a certain geographic area to fund larger infrastructure improvements on both public and private development. TIFs are often credited with making significant improvements to a district.
Under the new terms, TIF 4 will receive 30% of the money generated by the tax increment, which is a reduced portion. The remaining 70% will go to the City’s General Fund to lower the City’s tax rate and the Economic Development Initiatives Fund established earlier this year.
The extension will start Jan. 1, 2023, and generate an estimated $31.5 million. The money will be collected and spent during the first nine years of the new term, while the last year would solely focus on spending down remaining money and other administrative work.
TIF 4 was created in 1997 and has helped with developments in the South Main Village, Evans & Rosedale area, Magnolia Village, the Medical District and Fairmount, among others.
Photo: Development in Fort Worth’s Medical District and surrounding areas has benefited from TIF 4 funding.
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