During the recent Tarrant County College District Board of Trustees meeting, members voted to join the City of Bedford and Tarrant County in participation of the Bedford Tax Increment Reinvestment Zone (TIRZ) #1. This was the final step in the TIRZ creation process.
A TIRZ is unique to Texas and allows municipalities to use property tax revenue from specified properties to fund the construction of public infrastructure on undeveloped land. The City of Bedford formally established TIRZ #1, in October 2020 to provide funds for the development and redevelopment of approximately 30 acres located adjacent to the City’s municipal complex on L. Don Dodson Road, known as Bedford Commons. TIRZ funding will be used to construct streets, intersections, open space and/or recreation amenities, as well as the installation of streetlights, drainage systems, landscaping, and other infrastructure.
“The TIRZ gives us the ability to provide dining, entertainment, retail, and housing options throughout Bedford Commons that otherwise would not happen,” Development Director Andrea Roy said. “This will enable the developer to provide enhanced amenities, character, and community connectedness the City Council is striving to achieve in the space.”
Both Tarrant County and the Tarrant County College District approved a contribution rate of 50 percent of the TIRZ properties’ increased value over current property values each year, through 2051. This means as each of the specified properties in the TIRZ district increase in value over time, all three entities will set aside a portion of the taxes owed to them for that increased property value amount for the TIRZ fund. The City’s contribution rate to the TIRZ fund is set at 75 percent.
The next step in the process will be for the City to create a TIRZ Board and prepare the annual TIRZ budget. City staff is in constant conversation with the development community about possibilities for the future of Bedford Commons.
“This is a very exciting time for the City of Bedford,” Bedford Mayor Michael Boyter said. “With Tarrant County and Tarrant County College District’s participation, the TIRZ district and its future funding will help Bedford Commons reach its potential as a destination spot and be the unique type of place everyone can enjoy and take pride in.”