Page 105 - CityofKennedaleFY23Budget

TAX INCREMENT REINVESTMENT ZONE (TIRZ) PROJECTS

Tax Increment Financing (TIF) authorized by Texas Tax Code Chapter 311 local governments
can publicly finance needed structural improvements and enhanced infrastructure within a
defined area – a Tax Increment Reinvestment Zone (TIRZ) – to encourage desired
development. The tax increment is derived from the difference in appraised value between the
year in which the reinvestment zone is established (base year) and each year the reinvestment
zone is in existence.

An important element of the City's strategic plan - Imagine Kennedale 2015 - was to facilitate
the closure of three racetracks in the southwestern portion of the City and to convert those
properties to residential use. The City updated the Comprehensive Land Use Plan and created a
Tax Increment Reinvestment Zone (TIRZ) to fund off-site infrastructure improvements, namely
the extension of water and sewer service, reconstruction of New Hope Road, and the addition
of hike and bike trails along Kennedale Branch. TIRZ participation agreements with Tarrant
County, Tarrant County College District, and the Tarrant County Health District were completed
in 2013. The City has not yet seen significant development in the TIRZ but continues
cooperating with owners and prospective developers to convert the racetrack properties. A
water and sewer study to plan for the extension of the utility services is complete

PA R TI C I PA N TS
City of Kennedale 100% -- $2,481,849 Maximum
Tarrant County 75% -- $2,481,849 Maximum
Tarrant County College District 50% -- $939,000 Maximum
Tarrant County Hospital District 50% -- $1,427,690 Maximum

CO M P L E T E D P RO J E CT S
 New Hope Road: Sewer Line Route Study
 Bloxom Park Road: Water and Wastewater Lines and Street
P R O J E C T S U N DE R W A Y

 New Hope Road: Wastewater Line and Street Engineering
D EV EL O P M EN T S S E CU RE D
 Kennedale Seniors, Ltd.

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