Tax Increment Finance District
What in the world is a TIF?
Well, it stands for Tax Increment Finance District, and it helps provide public improvements Downtown, in conjunction with private investments. When new development occurs, taxes on the increased property values are used to pay the cost of the public projects financed by the TIF.
The Downtown TIF is a collaborative effort of the City of Fort Worth, FWISD, Tarrant County, Tarrant County College District, and the Tarrant County Regional Water District. The TIF is managed by Downtown Fort Worth, Inc. and was established back in 1996.
The Downtown TIF helps do a bunch of things:
• 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
Since it began, the TIF has been very successful at meeting these goals. It's funded a wide variety of projects and initiatives, from free parking downtown to streetscape and facade improvements. Through a commitment of $60 million in public funds, the TIF has leveraged development approaching $500 million in value, resulting in substantial sales and property tax revenues to the TIF’s taxing partners. Approximately twelve million dollars remain under the current cap on TIF expenses.
Tax Increment Finance District Board
|Zim Zimmerman, Chair||Fort Worth City Council, District 3|
|Charles Boswell||District Director, State Senate District 10|
|Roy C. Brooks||Tarrant County Commissioner, Precinct 1|
|Johnny Campbell||Sundance Square|
|Vic Henderson||Tarrant Regional Water District|
|Glenn Lewis||State House District 95 TIF Board Appointee|
|Mark McClendon||Tarrant County College District|
|Scott Rule||JPS Health Network|
|Ann Zadeh||Fort Worth City Council, District 9|