Investor & Business Incentives
The City of Arlington has a variety of business incentives, including Tax Increment Reinvestment Zone funding, that it may offer to prospective investors and/or companies looking to relocate or expand in Arlington. The Downtown Arlington Management Corporation is available to assist and discuss the available opportunities for those that are interested in the downtown area.
Business Improvement District (BID)
The Downtown Arlington Management Corporation proudly manages the BID. The DAMC is professionally staffed, and is governed by a Board of Directors, which is composed of a cross section of stakeholders and community partners.
Tax Increment Reinvestment Zone
Tax Increment Financing (TIF) is a tool to finance public improvements within a defined area. The improvements should enhance the environment and attract new investment. The statutes governing tax increment financing are in Chapter 311 of the Texas Tax Code. A municipality makes an area eligible for tax increment financing by designating a “reinvestment zone”, also called a “tax increment reinvestment zone (TIRZ)” or a “tax increment financing (TIF)” zone. The City of Arlington currently has four such active zones. Costs of selected public improvements outlined in the zone’s project and financing plan may be paid by current or future tax revenues flowing from redeveloped or appreciated real properties in the zone. The additional tax dollars generated by growth of real property value in the zone are called the tax increment. These dollars flow to a tax increment fund (“Fund”) for a specified term of years. Money flowing to the Fund each year is disbursed according to a plan and agreements approved by a TIRZ Board appointed by participating local governmental units, as set by the ordinance designating the zone.
The Arlington Tax Increment Reinvestment Zone Number One (Downtown) was established to provide a financing mechanism to facilitate redevelopment in the Downtown area. Created by Ordinance No. 98-142 on November 3, 1998, the Downtown TIRZ will expire on December 18, 2018. The TIRZ’s Base Year Value (1998) is $73,505,938. The Project and Financing Plan outlines the financial strategy to encourage development and also provides several estimates of revenues into the tax increment fund that can serve as a benchmark for the Zone’s performance. As of September 30, 2011, $4,098,075 is available in the fund to further the Zone’s goals.