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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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