Read about the latest TIF tiff in the Fort Worth Star-Telegram.
The city must scale back a project that is part of redevelopment efforts along Boulevard 26 south of Northeast Loop 820 because revenues from a special tax district have fallen short.
With a $9 million drop in property values in the area since 2008, the city wouldn't have enough revenue to meet the debt service for the $3.5 million project plan. Instead, city officials estimate that $2.5 million in funding is available.
The city has sold $1 million in bonds and, based on revenue projections, says that $1.5 million in additional debt could be issued.
The issue is focused on a Tax Increment Financing district, created in 2008 to use property tax revenues for redevelopment. The city had an existing TIF zone, created in 1999, but expanded it to include all commercial properties in the Boulevard 26 corridor south of Loop 820, except North Hills Hospital and the Calloway Creek area.
"Staff has had several meetings with TxDOT trying to reach a compromise, but has not had a great deal of success. TxDOT has made it very clear that only TxDOT approved roadway striping and colors can be used in the corridor within their rights-of-way," Curtis wrote in Nov. 14 memo to the North Richland Hills City Council.
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