Tax Increment Financing Zones

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.