The City Council on Tuesday unanimously approved creating a tax increment financing district for a part of north Fort Worth including the Stockyards that is expected to generate millions of dollars for renovations.
The district, known as a TIF, is expected to generate $40 million over 20 years and would be used to fund public improvements, upgrade infrastructure and help some private projects, such as the $175 million Stockyards development by the Hickman family and Majestic Realty Co. of California.
“As we all know, that area is old and has a lot of old infrastructure,” said Councilman Sal Espino, who represents the area.
The 1 million-square-foot Heritage development is planned for 68 acres of Hickman-owned land in the Stockyards and is expected to spur additional private development.
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This year would serve as the base value for the TIF district, estimated at $171.8 million. With all the planned and expected development, the appraised value in the TIF would rise to $808 million by 2035, said Michael Hennig, business and community development coordinator in the city’s Housing and Economic Development Department.
The TIF includes 925 acres bounded by Northeast 29th Street on the north, Northside Drive on the south, Interstate 35W on the east and Clinton Avenue on the west.
The city will contribute 50 percent of its tax increment to the TIF district each year the district is in existence. The revenue figure is based on 50 percent participation from the city, the Tarrant County College District, Tarrant County and the Tarrant Regional Water District.
The public improvements could include road work, demolition, street-scape and pedestrian improvements, and public parking infrastructure.
The first TIF meeting will be in January, Hennig said, and the board members will approve a preliminary project financing plan. That will come back to the council for final approval.
Councilwoman Gyna Bivens was absent.
This report includes material from the Star-Telegram archives.