Tax Increment Financing is an economic development tool that allows a share of property tax revenue generated within a designated district to be dedicated toward public improvements within that district's boundary. Cities create TIFs to attract both public and private investment to districts that suffered from decades of disinvestment and blight.
In 1997, when the City of Fort Worth created Southside/Medical District TIF #4, the Near Southside was an ideal candidate for a TIF. From the TIF's inception, Near Southside, Inc. (then Fort Worth South, Inc.) has contracted with the City to administer TIF #4 on the City's behalf.
TIF #4 has funded many different types of projects, from the repair of sidewalk benches to the construction of a 320-space public parking garage at Magnolia Green. TIF funding has also supported public infrastructure constructed in conjunction with dozens of private redevelopment projects, providing an incentive that defrays development costs for projects that advance district goals and, without the TIF's assistance, wouldn’t be financially feasible.
Developers interested in applying for TIF assistance must go through an application process prior to consideration by the TIF’s Board of Directors.
The major steps involved include:
- Submitting to Near Southside, Inc. detailed information on the overall project as well as a description and budget for proposed improvements to be funded by the TIF.
- Briefing the NSI Development Committee on the overall project and the TIF request. The Development Committee reviews projects for consistency with redevelopment goals for the district.
- For projects receiving favorable review by the Development Committee, finalizing TIF request term sheets, working collaboratively with NSI staff.
- Responding to any requests for additional information as requested by City staff or the TIF Board of Directors.
TIF #4 will expire in 2022.