A tax increment financing (TIF) Reinvestment Zone approved by the Duncanville City Council could spark redevelopment of a distressed, but promising area of the city.
The Council voted Tuesday, November 1, 2016, to approve a resolution authorizing further development of a proposal to create a Tax Increment Financing (TIF) Reinvestment Zone on Camp Wisdom Road between Cockrell Hill Road and Duncanville Road, and on Duncanville Road between Camp Wisdom and Tanco Lane, and on Main Street between Camp Wisdom and Tanco Lane.
The renewal plan provides a blueprint to spurring development along and near I20, which in recent decades has suffered from a decline in property values and viability as a productive commercial district. The TIF district, which covers properties in a smaller zone within the renewal plan area, will help provide an incentive for development.
The proposed TIF is anticipated to increase the ability to walk to work, deter homeless and drug problems, bring in tax dollars, and keep those tax dollars in the area.
Numerous community meetings were held to get input on the plan. The Duncanville TIF Board will oversee the plan’s implementation.
No increase in taxes would be necessary as a result of the TIF. Other benefits would include improvement to the area, and the probable overflow of redevelopment to Main Street which is another priority for redevelopment.
A TIF district allows a portion of property tax revenues from a specified area to be reinvested within that area to help fund infrastructure projects and other improvements. A renewal plan is a framework for redevelopment and improvements to an area the Council has formally declared distressed. The TIF District will expire in November 2036 unless extended by the City Council.