Tax Increment Finance Zone

What is a “TIF”
Tax Increment Financing (TIF) is an economic development tool that uses the projected rise in property tax value within the TIF Zone to finance specific infrastructure and/or development improvements.
Increased revenue from the rise in property taxes is deposited into a locally-created TIF fund which is used to repay infrastructure improvements or may be used to reimburse developers for specific costs.
Tax Increment Financing is governed by Chapter 311 of the Texas Tax Code.
Richardson's Tax Increment Finance (TIF) Zone
In November 2006, the City of Richardson created a 900 acre TIF Zone to encourage redevelopment in this important corridor.
 
Richardson's TIF Zone extends along both sides of Central Expressway from Campbell Road south to Spring Valley Road, west on Spring Valley to Coit Road and east to Greenville Avenue.

Developer reimbursements in the TIF Zone
Costs for the following items may be eligible for reimbursement according to state law, depending on the size and scope of the project:
  • Demolition
  • Acquisition
  • Streets
  • Alleys
  • Sidewalks
  • Parking Structures
  • Certain Utilities

Administration of the TIF
A Board of Directors appointed by the city council  coordinates any  projects applying for or  receiving  Tax Increment Financing funds within TIF Zone and oversees any additional personnel which may also be used to help with administration of the Zone.
Current TIF Projects in Richardson
  • Brick Row, a 30 acre redevelopment on Spring Valley Road abutting the Spring Valley DART station, Centennial Blvd. to Greenville Avenue. Brick Row development will receive approximately $9.8 million in TIF-generated funds over a designated period of time. The development, which began construction in 2008, will include 500 upscale apartments, 150 town homes by residential builder, David Weekley Homes, and 300 condominiums, in addition to 80,000 SF of retail/office along Spring Valley Road on the lower level of the apartments.
  • Digital Realty Trust Park, a 80 acre development at the former Alcatel/Collins Radio campus on Central Expressway between Alma Dr and Arapaho Road, will develop over 800,000 SF of buildings into the southwest's premier data center park. The amount of TIF funds designated for this development will be announced shortly.

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