DALTX Real EstateDALTX Real EstateDALTX Real Estate
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Reading: Public Hearing Set Nov. 8 For Expansion of Fort Worth Avenue Tax Increment Financing District
Share
Font ResizerAa
DALTX Real EstateDALTX Real Estate
Font ResizerAa
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Follow US
© DALTX. All Rights Reserved.
DALTX Real Estate > Dallas Dirt > Public Hearing Set Nov. 8 For Expansion of Fort Worth Avenue Tax Increment Financing District
Dallas Dirt

Public Hearing Set Nov. 8 For Expansion of Fort Worth Avenue Tax Increment Financing District

3 Min Read
SHARE

Dallas wants to expand its Fort Worth Avenue Tax Increment Financing District by 372 acres to generate more revenue for homeowner stabilization, home repair, and displacement mitigation within that zone.

 Fort Worth Avenue is one of 19 TIF districts in Dallas. It currently spans about 448 acres. A detailed briefing on the proposed expansion is slated for Monday, Nov. 6, before the city’s Economic Development Committee. A public hearing will be during the Dallas City Council meeting on Wednesday, Nov. 8. 

The city’s TIF program identifies underperforming real estate, creates redevelopment plans, works with private developers to implement these plans, and reinvests a portion of property tax revenues generated from new real estate development into the area to encourage the implementation of the redevelopment plan. 

Fort Worth Avenue TIF District Expansion

According to an Oct. 20 memorandum, Assistant City Manager Majed Al-Ghafry said the expansion would increase the geographic boundaries, extending west along West Commerce Street and Singleton Boulevard, to west of North Hampton Road, primarily to Manila Road, and incorporating property north of Fort Worth Avenue and south of Remond Drive, east of North Hampton Road, 

The following amendments to the Fort Worth Avenue TIF district also are proposed: 

  • Maintaining 70 percent city participation in the TIF district through the remaining term of the TIF district
  • Redefining and reallocating budget categories
  • Making corresponding modifications to the TIF district’s boundary and plan

The proposed amendments would expand the use of the affordable housing budget category so that TIF district funds can be used for homeowner stabilization, home repair, and displacement mitigation efforts within and outside the TIF district, Al-Ghafry said.  

That’s important for this area because rapid redevelopment is occurring in and near older established neighborhoods along Singleton Boulevard, he added. 

“Additionally, obsolete industrial and warehouse sites along West Commerce and throughout the proposed expansion area of the TIF district are becoming increasingly attractive for conversion to residential uses but will require significant infrastructure and site work,” Al-Ghafry said in his memo. “With the proposed amendments to the plan, the TIF district would also be able to assist with redevelopment projects on vacant/underutilized properties, including property currently seeking TIF district funding support as well as several properties along West Commerce where parcels are ripe for conversion from industrial to mixed-income housing and boutique office.”

The proposed amendments to the plan would also provide increased funding capacity to support district-wide initiatives, including substantial public infrastructure and public facilities needs, the memo states. 

Offering no discussion on the matter, Dallas City Council members unanimously approved the public hearing date during an Oct. 25 meeting. 

Alamo Manhattan Breaks Ground on Phase Two of Victor Prosper Condo Development in Bishop Arts District
Dallas Brings Up The Rear of Texas Metros in WalletHub’s List of Best-Run Cities
Dallas Midtown Partners Announce Plans For 275 Luxury Condos, $80M Mixed-Use Development on Former Valley View Site
What’s Wrong With The Kalita Humphreys Theater Restoration Master Plan?
Don’t Wait for Interest Rates to Drop. Rising Home Prices May Negate That Savings, Expert Says
TAGGED:Fort Worth AvenueMajed Al-Ghafrypublic hearingtax increment financing
Share This Article
Facebook Email Copy Link Print
Previous Article The Cutest Condo is in Dallas’ Medical District And Someone Needs to Buy it STAT
Next Article Explore The 6 Most Notorious Murder Homes And Crime Scenes in Dallas
Popular News
Live Open House

Live-Streaming Luxury! Top Brokerage Holds One-Day Summer Open House Tour, All Via Video

These 3 Rockwall Homes Offer Spacious Lots, Land, and Lake Views
Get Nosy With us And Dig Into The History on Display For The Winnetka Heights Holiday Home Tour  
Zoomers Represent Twice the State Average of Renters in This North Texas City
5 Ways Dental Business Lawyers Help in Dental Real Estate Transactions
about us

DaltxRealEstate.com is the largest real estate blog and the only one in North Texas.

Links

  • Privacy Policy
  • Terms of Service
  • Contact Us
  • Paid Guest Post Submission

Categories

  • Wednesday WTF
  • East Dallas
  • Monday Morning Millionaire
  • Upon Closer Inspection

Get Involved

  • Advertise With Us
  • Write for Us: Submit Guest Post

Find Us on Socials

© DALTX. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?