Fort Worth City Council has approved special taxing districts on the west side of the city, paving the way for thousands of acres of new development.
The Veale Ranch is now a designated tax increment finance district and public improvement district, mechanisms that allow the city to contribute 65% of the parcel’s annual tax revenue toward infrastructure improvements such as water, sewer and roads, according to the Fort Worth Report.
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The move is expected to strengthen the city’s ability to vie for large industrial or manufacturing plants. In 2021, Rivian passed on bringing its electric vehicle factory to Fort Worth due to a lack of available land, instead opting for the Atlanta area. The loss prompted city leaders to take a more proactive approach toward economic development.
“As Fort Worth continues to grow, we’re working closely with partners on the western side of the city to set the area up for long-term success when it comes to attracting major employers and well-paying jobs,” Robert Sturns, director of the Forth Worth Economic Development Department, said during the meeting.
“The establishment of the TIF and the PID at Veale Ranch is an important step to help create and fund infrastructure, which will be needed in the coming years to support the area’s long-term development.”
The creation of the PID and TIF district comes on the heels of a development agreement finalized in March with PMB Veale Land Investors I, per the Fort Worth Report.
The company, which is a subsidiary of PMB Capital Investments, purchased the ranch from the Veale family, which listed it for sale in 2017 at $95M.
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