Economic Benefits

The Downtown TIF was created to pursue the following goals:
  • Attract investment
  • Support tourism and convention business 
  • Create an environment to attract office, retail and residential development 
  • Use the increment to fund public improvements 
  • Create measurable financial gains for local governments
The TIF spends $3 million per year on garage leases to provide free public parking that supports more than $60 million in retail sales.   TIF parking leases have provided a valuable incentive to challenging redevelopments including transforming the tornado-ravaged Bank One building into The Tower high-rise condominiums, and revitalizing the Tandy Center into the City Place development.  The TIF also paid for nearly $3 million in asbestos removal at The Tower.

A 10-year façade lease on The Ashton Hotel encouraged a $7.8 million renovation for this historic 39-room boutique hotel.

The TIF has provided reimbursement to residential and office developments for enhanced streetscape improvements — such as sidewalks, pedestrian lamps, and burial of overhead utility lines — that make Downtown a great place to live, work and visit.

Through a commitment of $60 million in public funds, the TIF has leveraged development approaching $500 million in value, generating substantial sales and property tax revenues to the TIF’s taxing partners.  Approximately $12 million remains under the current cap on TIF expenses.

 

Funding Partners/Participants

The Downtown TIF is a collaborative effort of the City of Fort Worth, Fort Worth Independent School District, Tarrant County, Tarrant County College District, Tarrant County Hospital District and the Tarrant Regional Water District.  The TIF is managed by Downtown Fort Worth, Inc.

 

Financial Contributions

 FY 2008 Estimated TIF Revenues

 City of Fort Worth  $1,926,040
 Tarrant County Hospital District  $527,191
 Tarrant County College  $312,153
 Tarrant Regional Water District  $44,792
 Tarrant County  $608,046
 Fort Worth Independent School District  $1,581,778
 Total  $5,000,000