2 days ago
Fort Worth approves special funding tool to fix storm pipes and Farrington Field
The Fort Worth city council voted unanimously Tuesday to support a financing instrument for road and storm water upgrades in the area surrounding the West 7th District.
The 'Near West Side' tax increment finance zone will cover the area roughly bounded by White Settlement Road to the north, University Drive and Bailey Avenue to the west, Trail Drive and West Lancaster Avenue to the south, and the Fort Worth and Western Railroad to the east.
A portion of the property taxes generated in the TIF zone will be set aside for projects like fixing the aging storm water system, road improvements and preserving Farrington Field, an 86-year-old stadium owned by the Fort Worth school district.
Fort Worth has used this financing mechanism previously to spur investment in other parts of the city like the Stockyards and the Near Southside.
For this new financing district, the city is asking the Fort Worth school district, Tarrant County, Tarrant County College, and the Tarrant Regional Water District to also contribute some money to the fund.
The city is kicking in 50% of property tax revenue generated by the district, and is asking the other taxing entities to kick in 35% each.
If everyone participates, the city estimates the district will generate $237,800,987 over a 20-year period.
Jerre Tracy, executive director of the preservation non-profit Historic Fort Worth, praised the council's move saying it will protect the city's cultural history and an important historic landmark.
'Farrington Field stands as a testament to numerous victories, pride and exceptional art,' Tracy said. 'It's an ideal match for our cultural district.'
Evan Farrington, grandson of the field's namesake North Side High School football coach E.S. Farrington, said the stadium's art deco architecture was one of the first pieces of art in what is now the city's cultural district.
He called the move a win-win for both the city and the school district saying it will bring much needed investment to the area.
District 9 council member Elizabeth Beck, whose district includes the new finance zone, said the money is also needed to fix the area's aging storm water infrastructure.
She noted how the area surrounding the West 7th district has struggled with flooding over the last few years, and said this new district will go a long way to addressing some of those problems.
