Page 412 - FY 2025 Adopted Operating Budget and Business Plan

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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) Department(s)
IOE TIRZ Districts • Recruitment Leads Economic Development
1.1.1 • Leads to Prospects
Summary:
There are four Tax Increment Reinvestment Zones (TIRZ) in TIRZ #1 Date
Arlington: TIRZ 1 Amended and Restated Feb. 2020
Participation Agreement – Tax Increment
(TIRZ) #1 – Downtown Reinvestment Zone Number One Tarrant
2022 Taxable Value: $389,867,558 County
TIRZ 1 Amended and Restated Feb. 2020
Update: Participation Agreement – Tax Increment
The Main 7 townhouse development on the west side of Reinvestment Zone Number One Tarrant
Cooper St. north of Abram St. has completed 30 units and County Hospital
is presently under construction for 23 more. The most TIRZ 1 Amended and Restated June 2020
popular models tend to be the three-story units. Participation Agreement – Tax Increment
Reinvestment Zone Number One Tarrant
(TIRZ) #5 – Entertainment District County College District
2022 Taxable Value: $1,257,070,145 Tax Increment Agreement by and June 2020
Between Savannah Main 7, LLC
Update: Tax Increment Agreement by and June 2020
There has been an announcement by the Cordish Between Urban Front, LLC.
Companies that they will be commencing on the Agreement Relative to Participation in Dec. 2020
construction of an upscale, 300-unit residential community UTA College Park Project
adjacent to Choctaw Stadium. Estimated investment is
TIRZ 1 Incentive Agreement with Don W. May 2021
$70 million and is expected to total 532,000 sq. ft.
Muncharth and Associates for the
Development of a Grocery Store Located
(TIRZ) #6 – Viridian at 101 South Center Street.
2022 Taxable Value: $1,163,302,129
TIRZ Chapter 380 Grant Agreement by June 2021
and Between Sutton Frost Cary LLP
Update: TIRZ Chapter 380 First amended and Feb. 2023
The first phases of new multifamily units in Viridian have restated by and between Don W.
been completed and are presently leasing. Additional new Munchrath
multifamily construction is underway. Also, the TIRZ Second Amendment by and between Feb. 2023
infrastructure and lot layout for the viridian townhome Urban Front, LLC
development on the west side of Collins Street (Collins TIRZ First Amendment to Chapter 380 Feb. 2023
West), north of River Legacy is under construction.
Grant agreement by and Between Sutton
Frost Cary LLP
(TIRZ) #7 – International Corridor TIRZ TIRZ Chapter 380 Grant Agreement Aug. 2023
2022 Estimated Taxable Value: $1,126,146,104
with TNC Main St 1 LLC
Update:
Tarrant County approved their Arlington TIRZ #7
participation agreement in December 2022.

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