Tax Increment Finance District #2 –

Irving Boulevard

Council Audit and Finance Committee

October 7, 2010
Supports  5 Strategic Goals
• Goal 1 ‐ Land Use Excellence
• Goal 2 ‐ Vibrant Neighborhoods
• Goal 3 ‐ Economic Development
• Goal 9 ‐ Infrastructure Network
• Goal 10 ‐ Sustainable Community

2
Overview
• Team
• TIF Role
• Benefits
• Results
• Proposed Structure
• Recommendation

3
Team
• Real Estate and Development
• Financial Services
• Corporate Communications
• City Attorney’s Office
• Gideon Toal (TIF Advisor)

4
TIF #2 Role
To provide a financial mechanism to stimulate 
and sustain long‐term redevelopment of the 
Irving Boulevard Corridor
Irving Boulevard Enhancement Study ‐ 2008

5
TIF Benefits
• Reinvests added tax revenue (tax increment) from
new development back into the district (reinvestment
zone) to fuel continued public improvements and
economic growth
• Accelerates the rate of new development that would
otherwise not occur in a timely manner
• Chapter 380 provision allows for making of grants
and loans that further the interests of the district
• Flexibility in the project and financing plan
accommodates changing needs and direction

6
TIF #2 Results
 Infrastructure improvements
 Enhanced streetscape environment
 Existing property revitalization
 New private investment
 Enhanced tax base

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Proposed Boundary ‐ TIF #2

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TIF #2 District Assumptions
• 2010 base year ‐ $200 Million Taxable Value
• 30 year term 
• Projected participation rates by taxing entities:
‐ City of Irving 77.5%
(O&M portion of the tax rate applied to the tax 
increment)
‐ Dallas County ‐ Up to 65%
(Of total tax increment)
• Estimated 30 year TIF Fund contribution:   
City of Irving ‐ $65 Million
Dallas County ‐ $42 Million
Total $107 Million
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Proposed Funding Allocation
• Infrastructure Improvements $60 million
• Public/Private Partnerships $25 million
• Streetscape Enhancements $20 million
• TIF Administration $  2 million
Projected TIF Funds Available       $107 million 

10
Communication Plan
• Notification of other taxing entities
• Two presentations to the Heritage
Crossing Communication Committee
• Community Meeting
• City’s website

11
Recommendation
Forward Ordinance to              
City Council for approval
Results of TIF #2 Implementation
 Infrastructure improvements
 Streetscape enhancements
 Existing property revitalization
 New private investment
 Enhanced tax base
 Balanced growth across community 

12
QUESTIONS

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