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.
implement TIF a city must create a Tax
Increment Reinvestment Zone (TIRZ) designating the
particular geographic area targeted for new development
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.
Downtown Zone offers a unique blend of office space and open
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
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.
Midland is readily accessible.
It lies in close proximity to I-20 and within 15
minutes of the new terminal at the Midland International
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
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.
educational opportunities at the secondary level include
Midland Community College and the University of Texas,
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.
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:
core downtown asset
unproductive or vacant buildings
downtown as a multi-dimensional destination
residential development in and near downtown
promote this strategy, the TIRZ Board can offer property owners
and developers financial assistance to: