The Tarrant Regional Water District made its first contribution to a new entity that will pay for improvements, services and amenities on Panther Island.
The Fort Worth City Council voted Tuesday night to accept a $124,103 contribution from the water district that will go into the newly established Panther Island Public Improvement District No. 23. The water district, a major property owner on Panther Island, is tax-exempt but agreed to pay assessments to spur development.
The council also approved an agreement authorizing TRWD to manage the district for the current fiscal year. Typically, landowners in such a district pay additional property assessments to help cover upgrades in the area.
TRWD’s contribution represents its assessment at the maximum 16.5 cents per $100 of value of property the water district owns on the island, said Susan Alanis, the Panther Island program director for TRWD.
TRWD’s first-year budget for the initial funds included $32,003 for operations and maintenance; $10,000 for marketing; $50,000 for public events; $1,840 for a city administrative fee; and $32,260 for reserves.
The item was included on the council’s consent agenda, which members approve with one vote and no discussion.
Other public entities that own property in the Panther Island area will be asked to contribute to the improvement district even though they’re tax-exempt, city officials have said.
The city of Fort Worth owns property on Panther Island and will contribute to the district. Assessments would presumably decline over time as they sell property for development, Alanis said.
Officials estimate Panther Island will need about $2.2 million worth of improvements to the 407-acre district between 2027 and 2031, according to a February city report.
City Council members will consider the public improvement district’s initial budget and improvement plan later this summer.
Alanis said project costs and the budget will match.
“We made the project costs (budget) based on the resources we have,” Alanis said. “We wouldn’t spend any more than we have coming in.”
It’s not clear yet what kinds of public events TRWD plans in fiscal 2026, Alanis said.
“It wouldn’t surprise me if a lot of it fell to fund balance,” she said.
Texas law allows such districts, which are typically in place for a number of years to cover costs of improvements and maintenance in a specified area. They are often renewed.
The city will administer the district, and TRWD will manage revenue. As the district grows and development ensues, an organization like Downtown Fort Worth Inc. will form to take on management, officials have said.
There are three extra assessment levels under the public improvement district.
The first is 2 cents per $100 of assessed property value, which will be imposed until the TRWD board authorizes the construction contract. Construction would begin this summer or fall.
However, no assessments would occur under the 2-cent rate, officials have said.
The next level is 5 cents per $100 of valuation, which would be imposed until the area has $50 million in new private improvements. Currently, the proposed district has a zero value of private improvements.
The third level is 16.5 cents per $100 of valuation. That would kick in after that $50 million threshold is reached.
The TRWD board committed in November to pay the maximum assessment starting this year. Other Panther Island-area property owners’ assessments begin in 2027.
TRWD is expected to authorize a contract this spring to begin construction on the east-west canal that will serve as an urban waterfront in the district.
TRWD is negotiating with an Austin mixed-use developer that owns property in the district for a major development.
In other council action Tuesday:
Scott Nishimura is senior editor for local government accountability at the Fort Worth Report. Reach him at scott.nishimura@fortworthreport.org.
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