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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
1.1.3  Leads to Prospects Investment (ED)
Summary:
TIRZ #1 Date
There are three Tax Increment Reinvestment Zones (TIRZ) TIRZ 1 Amended and Restated Feb. 2020
in Arlington: Participation Agreement – Tax
Increment Reinvestment Zone Number
TIRZ #1 – Downtown One Tarrant County
2021 Taxable Value: $405,387,819 TIRZ 1 Amended and Restated Feb. 2020
Participation Agreement – Tax
Update: Increment Reinvestment Zone Number
In May 2021, the TIRZ #1 Board and City Council approved One Tarrant County Hospital
a request for $240,000 to offset the tenant improvement TIRZ 1 Amended and Restated June 2020
costs for a grocery store at 101 Center Street. In June Participation Agreement – Tax
2021, the Board authorized a Chapter 380 agreement with Increment Reinvestment Zone Number
Sutton Frost Cary LLP to build approximately a 21,000 One Tarrant County College District
square foot building at the corner of Front Street and Tax Increment Agreement by and June 2020
Mesquite Street. The proposed agreement would run until between Savannah Main 7, LLC
December 31, 2030 and provide the company with a Tax Increment Agreement by and June 2020
performance grant of $500,000. between Urban Front, LLC.
Agreement Relative to Participation in Dec. 2020
TIRZ #5 – Entertainment District UTA College Park Project
2021 Taxable Value: $984,054,981
TIRZ 1 incentive agreement with Don May 2021
W. Muncharth and Associates for the
Update: development of a grocery store located
Changes to the TIRZ #5 Project Plan and Financing Plan are at 101 South Center Street.
being negotiated with Tarrant County. The consultant has TIRZ Chapter 380 Grant Agreement by June 2021
been secured and the necessary updates are underway. and between Sutton Frost Cary LLP
The City and County continue to negotiate respective
participation elements necessary to fund the planned
projects. Construction of the 900 room Loews convention TIRZ #5 Date
Amended Project Plan and Financing Dec. 2019
hotel began in June 2021.
Plan

TIRZ #6 – Viridian Economic Development Performance Dec. 2019
2021 Taxable Value: $1,013,070,073 Agreement
Economic Development and Dec. 2019
Update: Reimbursement Agreement
The new multifamily units in Viridian have been completed First Amendment to the Economic Dec. 2019
and are presently leasing. The Water’s Edge townhouse Development Incentive Agreement for
development on the west side of Collins Street is presently Hotel Project
under construction. Loews Parking Structure Completed Sept. 2020
Third Amendment to the Economic June 2021
Development Performance Agreement
– Arlington Convention Center
First Amended and Restated TIRZ 5 June 2021
Economic Development and

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