The future of the Near Southside TIF
Tax Increment Financing Districts, aka TIFs, are tools used in certain districts in Fort Worth that can be used to spur development in reinvestment zones. TIF No. 4, which is administered by Near Southside Inc. and has averaged 15% growth annually over the last 5 years, was set to expire on December 31, 2022, but was extended through 2031 by the Fort Worth City Council on November 8.
Mike Brennan, president of Near Southside Inc., provided an update to City Council on projects the TIF is involved in.
The slides below are projects, private and public, which are already underway or have already been granted TIF funds.
Brennan also gave updates on a number of proposed projects which may pursue TIF funds.
Trinity Metro has put out an RFP for the development on the T&P Station parking lot at Vickery and S. Main. Plans for a transit-oriented, mixed-use development on this site have been bouncing around for a few years now, but none have come to fruition. The latest concepts show a mid-rise residential building and an office building separated by a paseo that connects to the train station.
A planned 275-unit multi-family project is proposed to occupy most of the block a the SW corner of Hemphill and Broadway. Near Southside is encouraging the project to incorporate two historic structures into the development, the Laundry Building and the Gustavus Adolphus Lutheran Church sanctuary.
Projects are planned on the East side of I-35W too, including the National Juneteenth Museum and Evans Rosedale Village mixed-use project by Hoque Global. Planned restorations of the Cumberland properties are also being explored by the TIF.
Plans are set for the upcoming Near Southside TEXRail Station, which will carry the commuter rail line 2.1 miles from the aforementioned T&P Station. The new station will be located to the West of Baylor All-Saints hospital off of Mistletoe Blvd. Near Southside is exploring options to maximize the potential surrounding the station with transit-oriented development (TOD).
Several infrastructure projects are also planned. Among those are enhancements to the S. Main and Rosedale underpasses, a new park in the Vickery Village area, a new connecting street between Henderson and Adams at the I-30 exit, street repair and resurfacing and stormwater drainage.