The Arlington City Council on Aug. 4 gave initial approval for a new tax increment financing plan for downtown.
Council members did not discuss the ordinance that revamps Tax Increment Reinvestment Zone No. 1. It passed unanimously.
Since its creation in 1998, the zone has funded multiple improvements and redevelopment efforts in Downtown Arlington, including public parking structures, Founders Plaza and amenities related to Levitt Pavilion. It also financed utility relocations as well as road, water, streetscape and sidewalk improvements.
Rather than raising tax rates, tax increment districts retain part of the increase in property tax revenues generated by rising property values within the zone. The money is then reinvested within the district.
Currently, the zone is scheduled to end on Dec. 31, 2058. The resolution would extend the zone another 20 years to fund public improvements for Downtown Arlington.
Lindsay Mitchell, director of Strategic Initiatives & Economic Development Services for the city, said the ordinance would extend the life of the zone for the city’s property taxes.
Mitchell said that in the fall, the city would ask other tax entities to continue participation agreements.
Lance Murray is a freelance contributor covering business for the Arlington Report. At the Arlington Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
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