How We Got Approval for Tax Increment Financing (TIF)
In the area of reinvestment zone of District 4 (Southside/Medical District) of Fort Worth, Connex Office Park was approved for over $80,000.00 of TIF funding in 2016. I’d like to share our experience of the TIF application and approval process in this post.
During the feasibility study period (before we closed the property), we found out the property we were interested in purchasing was located in both TIF and Neighborhood Empowerment Zones (NEZ). ( I will cover the NEZ in a later post.) See the TIF District Map and find out which district your property belongs to.
TIF District 4 is administered by Fort Worth Near Southside, Inc (NSI), and it is the first and the most important contact we made to start the application process. NSI guided us through the whole process and ultimately helped us successfully get the final approval from the City TIF Board.
Here are some criteria Connex project presented to TIF Committee and the Board:
- A catalyst for other redevelopment in the undeveloped area
- Unique infrastructural or environmental consideration
- Public accessibility and improvement
- Major economic anchor or destination
- High quality urban design and architecture
The above are just some of the guidelines, but please do not let this get you discouraged as each project is unique and your project may very well qualify, as all criteria are interpreted by TIF committee.
Below are some fun experiences, we had while applying for the TIF and NEZ:-
- We were invited to the TIF Board Meeting to witness the voting process.
- Due diligence and TIF application package is a useful self learning exercises.
- Got to know many great people in the same district and neighborhood.
- Became a member of NSI, which is an invaluable resource for everyone living or working in the Near Southside.
If you interested in this topic or want to find out more, feel free to reach out to us.