Got a chance to meet with Mike Brennan, AICP Planning Director
Fort Worth South, Inc. (FWSI) is a private, member-funded, non-profit 501(c)(4) development company dedicated to the revitalization of Fort Worth’s Near Southside.
This district’s history dates back to the beginning of the 20th century, when it was developed as the city’s first streetcar suburb. Today the Near Southside is an eclectic and diverse mixed-use community and the second largest employment center in Tarrant County, with around 30,000 jobs.
I got a chance to hear Mike discuss the creative funding options used to create several of the projects developed/maintained by Fortwoth South inc. I was really glad that he took time to break down how they obtained and utilized their TIF funding. Obtaining grants and development credits is fairly new to me so getting this break down really saved me hours of googleing. And from my understanding is an important redevelopment tool for the Near Southside. It allows tax revenues generated by new investments in the district to be used for funding public improvements within the district. TIF #4 was created in 1997 and will expire in 2022.
TIF #4 has funded many different types of projects, from the repair of sidewalk benches to the construction of a 320-space public parking garage at Magnolia Green. TIF funding has also supported public infrastructure that is constructed as part of a private redevelopment project, providing an incentive that defrays development costs for projects that advance district goals and, but for the TIF assistance, wouldn’t be financially feasible. Developers interested in applying for TIF assistance must go through an application process prior to consideration by the TIF’s Board of Directors.