Page 382 - FY 2009 Proposed Budget

Invest in Our Economy

Goal 1: Enhance Economic Impact Through Development and
Redevelopment Efforts, Partnerships, and Investment Opportunities
Objective 1: Foster Development and Redevelopment in Targeted Areas
Project Performance Measure(s) City Service Team (Department)
IOE TIRZ Districts  Recruitment Leads Economic Development and Capital
1.1.5  Leads to Prospects Investment (ED)
 Percentage of Agreements in Compliance
Summary:
TIRZ #1 Date
There three Tax Increment Reinvestment Zones (TIRZ) in TIRZ 1 Amended and Restated Feb. 2020
Arlington: Participation Agreement – Tax Increment
Reinvestment Zone Number One Tarrant
(TIRZ) #1 – Downtown County
2019 Taxable Value: $302,972,769 TIRZ 1 Amended and Restated Feb. 2020
Participation Agreement – Tax Increment
Update: Reinvestment Zone Number One Tarrant
In June, the TIRZ #1 Board and City Council authorized County Hospital
$1.4 million for public infrastructure related to the TIRZ 1 Amended and Restated June 2020
Urban Front development on Front Street, and $859,000 Participation Agreement – Tax Increment
for infrastructure related to the Main 7 townhome Reinvestment Zone Number One Tarrant
development at the corner of W. Abram and N. Cooper County College District
Street. Staff is continuing to maintain communication Tax Increment Agreement by and June 2020
with DAMC to stay updated on downtown businesses between Savannah Main 7, LLC
affected by COVID‐19.
Tax Increment Agreement by and June 2020
between Urban Front, LLC.
(TIRZ) #5 – Entertainment District
2019 Taxable Value: $1,267,912,453
TIRZ #5 Date
Amended Project Plan and Financing Plan Dec. 2019
Update:
The City and the County are still negotiating terms for Economic Development Performance Dec. 2019
the updated TIRZ #5 participation agreement. The Agreement
parking structure for the Loews convention hotel and Economic Development and Dec. 2019
convention center has been completed, and work is Reimbursement Agreement
First Amendment to the Economic Dec. 2019
continuing on the construction of the 900‐room hotel.
Development Incentive Agreement for
(TIRZ) #6 – Viridian Hotel Project
2019 Taxable Value: $597,326,687 Loews Parking Structure Completed Sept. 2020

Update: TIRZ #6 Date
TIRZ #6 approved a modification in the development Development Agreement Sept. 2020
agreement facilitating the relocation of the proposed
City canoe launch in River Legacy Park and approved a TIRZ #7 Date
related land exchange.

(TIRZ) #7 – International Corridor

Update:
TIRZ #7 (International Corridor) is presently being
developed to enhance development and cultural
identities along East Pioneer Parkway.

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