On December 9, 2010, the Irving City Council established Tax Increment Reinvestment Zone #2 (the Irving Boulevard TIF) to fund the long-term redevelopment initiative for Irving Boulevard. A TIF is not a tax, but rather an opportunity for the city to reinvest a portion of the tax revenue spurred by new development and investment within the district to fund needed improvements along the boulevard.
These would include roadway / utility / drainage improvements, gateway features, landscaping, existing property revitalization and related items geared toward stimulating additional private investment and development. Together, these initiatives are designed to create and sustain an improved quality of life for residents, visitors and businesses along this corridor.
The next step in the process will be Council appointment of a TIF Board to make recommendations to the Council on the administration of the zone.