Southlake City Council approved the first reading of a possible tax increment reinvestment zone, TIRZ, and preliminary project and financing plan for the Shivers Farm development’s commercial district at its Sept. 15 meeting.
What’s happening: Shivers Farm is a 40-acre mixed-use development coming to Southlake which will include 110,000 square feet of retail and a Whole Foods, according to the developer, Trademark Property Company.
A TIRZ is used to finance public improvements that will enhance the environment or attract new investment within a defined area. Current property tax is calculated within the zone and future growth caused by development is known as the tax increment.
A portion of the tax increment and sales tax revenue generated within the zone due to the new development is then reinvested into construction and maintenance inside the zone. This would be the city’s second TIRZ.
What’s next: The council will vote to approve or deny the TIRZ and preliminary project and financing plan at its Oct. 6 meeting.