Economic development efforts are focused on catalyst and significant projects and opportunities that provide increase value, vitality and contribute to our local economy. For projects that meet or exceed the City’s goals for revitalization and meritorious development, certain financial incentives may be available.
A significant public-private partnership that adds to our revitalization efforts in Downtown Arlington is the Downtown Tax Increment Finance Zone (TIRZ #1). This financing entity makes strategic investments in parking, infrastructure, and residential development. New growth in the downtown area is happening in the form of student housing, market rate apartments, and for-sale townhomes. Major new public-private partnerships led to the completion of the 101 Center and the new award-winning Central Library, collectively injecting tens of millions of dollars in new growth. Since its inception, TIRZ#1 revenues have consistently exceeded the projections by an average of 61%. The return on investment has been strong for the City of Arlington, leveraging year-over-year value increases and capturing more than $170 Million to date over the life of the TIRZ#1. This program provides for closing financing gaps for major and critical projects, allowing for continued investment in infrastructure to allow our downtown to continue to grow and evolve into a vibrant, walkable downtown neighborhood.