By Scott Nishimura snishimura@bizpress.net
Fort Worth City Council members on Tuesday will vote on whether to establish a 925-acre tax increment finance district in the Stockyards that would pay for future infrastructure designed to promote expected development in the zone.
The council is scheduled to hold a public hearing and then vote on establishing the TIF.
The TIF zone is generally bounded by 29th Street to the north, Northside Drive to the south, Interstate 35 to the east and Clinton Avenue to the west.
Projected growth in property taxes over the 2014 base year would pay for road and access, public infrastructure, streetscape, pedestrian, public parking, and public amenity improvements and other eligible costs.
The city would contribute 50 percent of its tax increment to the TIF district each year of the TIF’s life. The district will expire Dec. 31, 2034, or at an earlier date if all project costs have been paid in full.
The city staff has estimated $385 million in development will occur in the district, including as much as $185 million from a planned redevelopment in the Historic Stockyards by a partnership of Majestic Realty and Fort Worth’s Hickman family.