Tax Increment Financing Zones Report 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) Zones TIF 1 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. TIF 2 The zone includes approximately 212 acres according to Collin Central Appraisal District records for 2011, plus public rights-of-way. The zone is bounded by the DART “Red Line” right-of-way, the President George Bush Turnpike, Wyndham Lane and Renner Road, plus approximately 7.15 acres east of Wyndham Lane. TIF 3 Richardson Reinvestment Zone Number Three. The zone includes 88.72 acres (according to Collin Central Appraisal District records for 2014), plus public rights-of-way. The zone is bounded by the President George Bush Turnpike, the DART “Red Line” right-of-way, Renner Road and the western boundaries of tracts owned by the W.W. Caruth, Jr. Foundation and Oncor. 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.