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City Profile



            business personal property having a minimum taxable appraised value of $52.5 million.  RSI North America will
            provide a minimum of 250 full-time jobs with an average annual salary of $65,800.

            MP  Materials  is  a  Las  Vegas  based  company  that  manufactures  rare  earth  materials.    Founded  in  2017,  MP
            Materials  will  develop  a  greenfield  metal,  alloy  and  neodymium-iron-boron  (NdFeB)  magnet  manufacturing
            facility, which will also serve as the business and engineering headquarters for its growing magnetics division, MP
            Magnetics.  Following  a  multi-state  site  selection  process,  an  existing  facility  located  at  13840  Independence
            Parkway was identified for the 200,000 square foot manufacturing location.  The company will be required to
            expend a minimum of $40 million in total construction costs and will locate taxable business personal property,
            having a minimum taxable appraised value of $60 million.  MP Materials will provide up to 90 jobs over the first
            three years, with an average annual salary of $80,390.

            Medical innovation is also on the rise as the Medical Innovation District, south of Downtown, grows with the
            expansion of Cook Children’s Medical Center. Further growth in this district is anticipated with the announcement
            of the TEX Rail expansion to the proposed Medical District station, which will spur further investment.  Plans are
            currently underway and expect to be completed by 2026.


            Downtown Fort Worth continues to see  its share of development, including the approved expansion of the Omni
            hotel. The newly expanded Omni Hotel, located in south Downtown, will add at least 400 rooms (creating a
            strategically important 1,000 rooms under one property), and will engage Lancaster Avenue by incorporating an
            active restaurant use. The project adds to the building momentum along the southern portion of downtown along
            Lancaster Avenue and near the Fort Worth Convention Center.  Construction is expected to be completed by fall
            2026.

            The Central City Flood Control Project and Panther Island continue to develop. In 2021, three bridges  were
            constructed to greatly increase connectivity between Panther Island and the rest of the city.  Most recently, an
            extension of TIF 9 (Trinity River Vision) was approved to facilitate long-term financing for the Central City Flood
            Control project.


            South of downtown, the Near Southside continues to attract a wide variety of development projects and new
            businesses of all types and sizes. Among the district’s recent multifamily developments, Broadway Chapter on
            Hemphill  stands  out  as  the  first  to  locate  along  the Hemphill  corridor,  benefitting  from  the  new  Hemphill
            connector to Downtown and other public and private investments nearby. Broadway Chapter also features the
            Near Southside’s largest public art mural, painted on the parking garage facade and representative of the district’s
            recent recognition by Texas Commission on the Arts as a state-designated cultural district. The Near Southside’s
            other major identity, as home to the city's world class Medical Innovation District, continues to attract major
            investments. 2022 saw the completion of the Justin Tower at THR Harris Methodist, major expansions at Cook
            Children’s Medical Center, and the commencement of construction of TCU’s Burnett School of Medicine, centrally
            located at Rosedale and Henderson in close proximity to the med school’s educational partners.

            Additionally, the Economic Development Department has been focused on community revitalization this past
            year.    Projects  like  the  Berry/Stalcup  redevelopment  and  Evans  and  Rosedale  have  been  shaping  up.    For
            Berry/Stalcup, the City continues to work with Legacy Construction Solutions and Innovan Neighborhoods on a
            revised site plan for the property.  Staff anticipates brining an updated site plan and financials for consideration
            to the Local Development Corporation in Q1 of 2023.  For Evans and Rosedale, in October of 2021, the City Council
            approved an allocation of up to $4.2 million from the American Rescue Plan Act Funds, a 15-year Chapter 380
            Economic Development Program Agreement for up to $9 million, and an additional $7 million committed by TIF 4
            (Near Southside) for the Evans and Rosedale Redevelopment and Affordable Housing Project.  Hoque Global




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