A special tax district for the 7,200-acre Walsh development in west Fort Worth could help pay for large projects such as new roads or utility lines in the fast-growing area, city leaders said.
The Fort Worth City Council is expected to vote Oct. 21 on calling for a public hearing on the special tax district proposal for Walsh. That hearing is expected to be Nov. 11.
At a work session on Tuesday, council members heard a presentation on the proposed Walsh Ranch Tax Increment Financing District.
A public improvement district exists in the area, but Walsh officials said a tax district is better suited for critical infrastructure, according to the council presentation.
“It’s important to mention that it will accelerate the completion of major regional road, water, sewer and drainage projects,” said Ori Fernandez, assistant director for the city’s economic development department.
Tax financing districts allow a city to finance larger infrastructure projects without dipping into day-to-day operational budgets.
As tax financing districts attract investment and new development, the total taxable value of the area increases. The funds that make up the difference between the new taxable value and the original value are set aside to help pay for the public improvements within the district.
Walsh is a master-planned development in west Fort Worth built on former ranch land once owned by the Walsh family. The area is now home to major housing developments with about 2,500 residents.
Major projects planned for the area include the 51-acre University of Texas at Arlington West campus, office towers and a new H-E-B grocery store that was announced in July.
Officials with Walsh requested the tax district to help activate the future corporate campus area of the development that is located south of Interstate 20.
The district could also help accelerate development of the Highland Hills portion of the project that is near the UTA West campus that is expected to open in the fall of 2028.
Fort Worth would contribute 50% of taxes received to the Walsh taxing district for each year of the district’s 83-year lifespan, but there would be no city sales tax participation.
Both Tarrant and Parker counties would be asked to participate,which could raise the amount of participation to 65%.
The city would consider economic development incentives for any project in the Walsh area on a case-by-case basis.
At full build out, Walsh expects to be home to 5,400 single-family homes and 10,000 multifamily units.
The area also includes plans for more than 8.7 million square feet of office space, 15 million square feet of industrial projects, just under 4 million square feet of commercial and retail development, including a 700-room hotel.
The area in west Fort Worth, along with Veale Ranch to the south, gives the city a large area of land for future development of major projects.
In 2021, the loss of an economic development deal with electric carmaker Rivian forced the city to realize the importance of having infrastructure and land ready for manufacturers to start construction immediately, city officials have said.
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org.
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