Why TIRZ?

Tax Increment Financing (TIF) is an economic development tool available to Texas cities to promote both new development and redevelopment within a specific geographic area inside the corporate city limits.  

To implement TIF a city must create a Tax Increment Reinvestment Zone (TIRZ) designating the particular geographic area targeted for new development or redevelopment.  The year in which a TIRZ is created is defined as the base year. A TIRZ works by capturing the tax value generated in the Zone above the base year value and reinvesting that revenue back into public improvements within the Zone.

Why Midland?

The Downtown Zone offers a unique blend of office space and open space:

	There is an abundance of quality office space in a variety of styles, convenient and attractive hotel accommodations, plus up-to-date infrastructure and several blocks of undeveloped land.
	It is the city’s preeminent employment center, and includes a civic center, a historic theater, plus a spacious park where cascading fountains surround a tiled plaza.
	Downtown Midland is readily accessible.  It lies in close proximity to I-20 and within 15 minutes of the new terminal at the Midland International Airport.
	Midland has a population of around 96,000 and is part of a metropolitan area of nearly 250,000 with a civilian workforce of over 117,000. Our residents enjoy warm days and cool nights, with low humidity and over 300 sunny days each year.  Add in the area’s numerous amenities, such as outstanding cultural, sports, recreation, health care and convention facilities, and its easy to see why Midland has such a great quality of life.
	Regional educational opportunities at the secondary level include Midland Community College and the University of Texas, Permian Basin.  Also, the Advanced Technology Center, a state-of-the-art educational facility, offers access to training in computer and telecommunications technology, building trades, automotive and machinist technologies, and customized business training.

The Strategy

The Downtown TIRZ was created to preserve and bolster the tax base in downtown Midland. Nearly 28M in improvements is forecast to be spent over the projected 30 year life of the Zone. The redevelopment goal is to:  

	Strengthen core downtown assets
	Transition unproductive or vacant buildings
	Enhance downtown as a multi-dimensional destination
	Facilitate residential development in and near downtown

To promote this strategy, the TIRZ Board can offer property owners and developers financial assistance to:  

	Assist in traditional and technological infrastructure upgrades;
	Provide for lighting, shade trees, plantings, benches and other amenities to create a pedestrian friendly environment;
	Assist with façade restoration, environmental abatement and parking; and
	Encourage the redevelopment of vacant and underutilized properties for a variety of residential and commercial uses.