Fort Worth’s Panther Island will receive a financial infusion for amenities as redevelopment begins under a Northside public improvement district that City Council members approved Tuesday.
Estimated costs of proposed improvements and services to be provided in the 407-acre district will total about $2.2 million for the first five years of the district’s life between 2027 and 2031, according to city staff projections.
“We’ve been trying to get some development going there on the island,” City Council member Carlos Flores said, speaking of the importance of the public improvement district. “In order to do that, we need some buy-in from owners.”
The board of the Tarrant Regional Water District, a major Panther Island property owner, 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.
“We have the upcoming canal work that’s fast approaching, but we also need some improvements,” said Flores, whose Council District 2 includes much of Panther Island.
Earlier in the month, the council voted to call the Feb. 24 public hearing. At the hearing, members unanimously approved the public improvement without discussion. No speakers appeared.
In a petition to the city, the vast majority of property owners in the district supported creation of the taxing district, city staff told council members. State law requires a minimum 50% threshold.
Under the district, property owners will pay an extra assessment that will help pay for Panther Island’s operations, maintenance, security and various improvements, such as upgrades to landscaping, streets and sidewalks.
There are three extra assessment levels under the public improvement district, also known as a PID.
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 in private improvements are complete.
The board of TRWD committed in November to pay the maximum assessment starting this year, even though it’s tax-exempt as a public entity. Other property owners’ assessments would begin in 2027.
“All property within the Panther Island PID will be assessed annually for the improvements and services” that the taxing district will provide, according to a city staff report.
The city of Fort Worth also “intends to participate in the assessments,” according to the report. The City Council will consider the public improvement district’s initial budget and plan later this summer.
Flores said the taxing district didn’t encounter significant opposition.
“During our initial efforts to notify folks, we started getting some questions,” he said. “It wasn’t so much opposition but, ‘How does it affect me?’ and ‘What is it that we’re paying for?’”
The city will administer the district, and TRWD will manage the PID’s revenue. As the taxing district matures, an entity similar to the Downtown Fort Worth Inc. economic development organization will likely be formed to take on those duties, officials have said.
The PID became effective Tuesday and will remain in place until the council dissolves it.
Scott Nishimura is senior editor for local government accountability at the Fort Worth Report. Reach him at scott.nishimura@fortworthreport.org. At the Fort Worth 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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