TAX INCREMENT FINANCING DISTRICT
Tax increment financing is a tool authorized by Chapter 311 of the Texas Tax Code by which local governments can publicly finance needed structural improvements and enhanced infrastructure within a defined area called a reinvestment zone. Panther Island is within the Riverfront TIF district, in which Fort Worth is investing in utility relocations, upgrades, pedestrian & cityscape improvements, roadway & storm drain improvements, public plaza construction, waterfront development, and strategic demolitions of derelict properties.
The Texas Enterprise Fund (TEF) is the largest “deal-making” fund of its kind in the nation. The fund is used as a final incentive tool for projects that offer significant projected job creation and capital investment and where a single Texas site is competing with another viable out-of-state option.
Chapter 380 of the Texas Local Government Code authorizes the City Council to establish and provide for the administration of one or more programs, including programs for the making of loans and grants of public money and providing personnel and services of the City, to promote economic development.
EMPLOYMENT-DESIGNATED PROJECT FUND INCENTIVES
From time to time, the City may have cash reserves designated to incentivize businesses that commit to increasing employment levels at Salary levels desired by the City. These cash reserves will be utilized to make cash grants, either upfront or following attainment of certain performance metrics, or loans.