NEXT AGENDA WILL BE POSTED HERE

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Tax Increment Reinvestment Zone

In January 2006, the City established a Tax Increment Reinvestment Zone (TIRZ - often called a "TIF" or Tax Increment Financing district) to help fund infrastructure improvements needed for future redevelopment within two of Carrollton's three DART Light Rail Transit stations.

The City of Carrollton and Dallas County have committed to participate at a 65% rate - that is, 65% of future revenue increases in the zone will be used to fund infrastructure improvements within the zone.  The Dallas County Community College District and the Carrollton-Farmers Branch Independent School District have declined to participate.

Tax Increment Reinvestment Zone Project Plan and Finance Plan

Soon after both districts’ decision to decline participation in the TIRZ, the TIRZ Board of Directors requested staff to a write an Executive Summary and to clarify the plan’s text. Subsequent to the Board’s request to re-write the plans, the economy went into a deep recession. Recognizing that the economic projections included in the original Project Plan and Financing Plan were no longer realistic, Dallas County required a comprehensive re-evaluation of both documents before formally joining the TIRZ. Dallas County recommended that the TIRZ Board hire Stein Planning, LLC to conduct a new evaluation of the TIRZ Project Plan and Financing Plan.

Stein Planning concluded their work on the plans in November 2012. On January 10, 2013, the TIRZ Board of Directors unanimously agreed to recommend the adoption of the TIRZ Project Plan and Financing Plan. The new TIRZ Project Plan and Financing Plan estimate that the TIRZ will generate $19 million over the life of the zone or $10 million in today’s dollars. Dallas County has agreed to bring a recommendation to join the TIRZ to the County Commissioners after the Council adopts the attached resolution.

In February 2013, the City Council approved a revised TIRZ Project Plan and Finance Plan.

Board of Directors

The Board of Directors for the Carrollton Tax Increment Reinvestment Zone No. 1 ("TIRZ Board") consists of five members: four appointed by the Carrollton City Council and one appointed by the Dallas County Commissioners Court.

Chair: Elif Cakir

Board Members: Randal McClanahan, Melvin Chadwick, Belva Iowry and Luis Tamayo

Alternate: n/a

The next upcoming Agenda will be posted here when its available. 

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