Fort Worth’s Special Taxing Districts Pave Way For New Development

Fort Worth, a city that never ceases to evolve, has recently taken a significant leap towards its future growth and economic development. The city council has given a green light to the establishment of special taxation districts on the west side of the city. This move is expected to usher in a new era of development, potentially transforming the landscape of the city.

The Green Signal

The city council’s approval marks the beginning of a new chapter in the city’s progress. The decision was not taken lightly, but after careful deliberation and consideration of the potential benefits. TheVeale Ranch is the chosen location for the establishment of these tax increment finance district and public improvement district^1^.

The Plan

The plan involves the city contributing 65% of the parcel’s annual tax revenue towards infrastructure improvements^1^. These improvements would include essential elements such as water, sewer, and roads. This plan is more than just a long-term investment; it is a strategic move to strengthen the city’s ability to compete for large industrial or manufacturing plants^1^.

Learning from Past Experiences

In 2021, the city experienced a setback when Rivian, the electric vehicle manufacturer, decided to set up its factory in the Atlanta area due to a lack of available land in Fort Worth^1^. The incident served as a wakeup call for city leaders to adopt a more proactive approach towards economic development^1^.

A Collaborative Approach

The city is not alone in its endeavor. It is working closely with partners on the western side of the city to ensure long-term success^1^. Robert Sturns, the director of the Fort Worth Economic Development Department, emphasized the importance of collaboration in his statement^1^. According to him, the establishment of the TIF and the PID at Veale Ranch is a crucial step towards creating and funding infrastructure that will support the area’s long-term development^1^.

The Veale Ranch

Veale Ranch, a 5,200-acre parcel of land, is located north of Bear Creek Drive, east of Farm Market 1187, south of Aledo Road, and west of Highway 377 South^1^. The area includes Team Ranch, Rolling V South, Rockbrook, and Ventana South^2^. It lies approximately 11 miles west of downtown Fort Worth and just south of the Walsh development^2^.

The Development Agreement

In March, PMB Veale Land Investors I, a subsidiary of PMB Capital Investments, entered into a development agreement with the city^1^. The agreement outlines the creation of special tax districts to raise public funds for infrastructure improvements^2^. The districts could remain in effect for 25 to 30 years after the acreage is annexed to Fort Worth^2^.

The Veale Family Legacy

The Veale Ranch has been in the Veale family since 1935^2^. In 2017, it was listed for sale at a whopping $95 million^2^. Although the actual sale price to PMB was not disclosed, the transfer of ownership marked a significant milestone in the city’s history^2^.

Siemens and DrinkPak Incentives Approved

In addition to the special taxing districts, the city council also approved incentives for projects by Siemens and DrinkPak^2^. These projects are estimated to result in a total investment of $585 million and create about 1,700 jobs^2^.

Looking Forward

The establishment of special taxing districts on the west side of Fort Worth marks a promising start for new developments. The move not only opens up vast potential for growth but also demonstrates the city’s commitment to fostering economic development. As the city continues to evolve and grow, these special taxing districts are set to play a pivotal role in shaping its future.

The city of Fort Worth is taking strategic steps towards ensuring its long-term success. The establishment of special taxing districts on the west side of the city represents a significant milestone in the city’s progress. This initiative, coupled with the city’s commitment to fostering growth and economic development, promises to steer Fort Worth towards a prosperous future.

 

 

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