FORT WORTH -- The city is clearing the way for the development of 1,800 acres east of Loop 820 at Trinity Boulevard, creating a tax increment financing district that will pay to rebuild and raise the flood-prone thoroughfare cutting through the property's heart.
The TIF, which will divert money from property taxes over 20 years to pay for an estimated $62.45 million in public infrastructure improvements in the Trinity Lakes development, would also:Rebuild the flood-prone Precinct Line Road from Concho Trail to River Falls Drive;Extend the Trinity Trail 6.5 miles from Handley-Ederville Road east to just short of Arlington;Put in street improvements in a mixed-use area at the northwest part of the property bordering the existing Trinity Railway Express line, a site that developer Ken Newell and the city view as a potential place for a future destination rail station where residential, stores, and restaurants could cluster;Pay for signs, waterfront, public area, and public transit and related parking improvements.Fort Worth City Council members voted 7-0 Monday night to approve the TIF. The council is scheduled to vote Dec. 4 on project and financing plans. The developer also plans to ask for a TIF from Tarrant County and the Tarrant Regional Water District. Mayor Betsy Price was out of town, and Councilman Sal Espino was absent at the time of the vote.Development of the property, long considered desirable because it's central, near the 820-Airport Freeway axis, and in the Hurst-Euless-Bedford school district, has been slowed by flooding on Trinity Boulevard and Precinct Line when it rains.The property is bounded by Loop 820 on the west, the TRE on the north, Trinity River on the south and Bell Helicopter to the east, and much of it is in a flood plain."I think the location is outstanding," Newell, who developed the nearby Riverbend Business Park years ago with his father and brother, said in an interview Tuesday. "With Trinity Boulevard, there's going to be a tremendous amount of activity here, and I think the city believes that, too."Developer's plansNewell bought 1,600 acres in two pieces beginning in 1999, and several parcels owned by others make up the remaining 200 acres in the TIF. He estimates 600 acres of the 1,800 can be developed.Apart from the undeveloped property, Newell said he has already developed more than 1,300 homes in Trinity Lakes. He said the average sale price recently has been $275,000, or $95-$123 per square foot.Newell said he plans another 1,200 single-family homes, 18 acres of multifamily, and commercial development along 820 and Trinity Boulevard, including much-needed retail stores to serve the residents.Newell estimated he has invested $108 million in the development since 1999, including land acquisition and 360 homes he built."We've made a significant investment to date, and it'll be a very significant one as we go forward," he said.TIF supportNeighborhood leaders and H-E-B schools Superintendent Gene Buinger spoke in favor of the TIF at Monday's meeting. H-E-B has one elementary school open in the development and plans a second.Councilman Danny Scarth, whose district includes a piece of Trinity Lakes, called the TIF "a tremendous public-private partnership," noting the necessary infrastructure isn't anywhere near being funded by the city."We're going to get to it one of these days," Scarth said. "I can't tell you when it would be."But with the institution of this TIF, we get an opportunity to have a developer step up, pay for and build most of the infrastructure with their own money, and then patiently wait for the tax revenue," he said. "And then we pay them back" with the revenue that comes from the projected increase in value on the property.Under the TIF, the city would contribute 85 percent of its projected increase in tax revenue --$59.5 million -- over 20 years. Tarrant County, if commissioners approve, would contribute 50 percent of its projected incremental increase -- or $10.8 million over 20 years. And the Tarrant Water Regional District would contribute all of its $1.6 million in projected increase.The key pieceThe reconstruction of Trinity Boulevard, which runs east from 820 into the property, is the key piece.Some sections are nine feet below the 100-year flood plain, Newell said.As soon as the council approves the project plan, Newell said he'll go into six to eight months of engineering. Construction would start immediately after that and take 18-20 months.The development plan calls for a 35-40-year buildout, said Jay Chapa, Fort Worth's director of economic and community development.Under the TIF, Newell can use tax revenue for streets, water, sewer, utilities, streetscape and private costs like environmental remediation, demolition and historic restoration, Chapa said.Scott Nishimura, 817-390-7808Twitter: @JScottNishimuraHave more to add? News tip? Tell us
