Tax Increment Finance District
A Tax Increment Financing district (TIF) is a special purpose district that provides a structure for the City of Irving to reinvest added tax revenue from new development back into the area where it originated. The goal of a TIF is to stimulate new private investment and thereby increase real estate values. Any increase in tax revenues resulting from a new development’s higher property values are paid into a special TIF fund to finance.
TIFs are used to finance public improvements in designated areas. Improvements may include wider sidewalks, utilities, public landscaping, lighting, environmental remediation, demolition, and historic facades etc.
The City of Irving, Irving Independent School District, Carrollton Farmers Branch Independent School District, and the Dallas County Community College District created the first Tax Increment Financing (TIF) District in the city's history within the Las Colinas development.
Irving currently has three TIF zones. TIF District 1 covers 3,600 acres in Las Colinas and TIF District 2 provides for redevelopment in the City’s Heritage District in downtown Irving. TIF District 6 encompasses the former Texas Stadium site.