Colleyville staff recommend extending TIF district, expanding boundaries; school participation to end in 2030

Colleyville officials on Sept. 3 continued a work-session discussion about extending and expanding the city’s tax increment financing (TIF) reinvestment zone, with a consultant outlining projections, new project categories and a timeline for formal consideration this fall.

The discussion centered on two goals, consultant David Pettit said: “One is to capture increment where you think there’s going to be development, and another is where you want to spend TIF money.” Pettit said the proposal would amend the TIF map to add several noncontiguous areas and corridors, set a 2025 base year and extend the district term by 25 years to Dec. 31, 2055, with no change to the city’s 100% participation of real property increment inside the zone.

The extension would also increase the project and financing plan to reflect additional project costs and new spending categories, Pettit said. He said the consultant team projected roughly $344 million in new development taxable value over the extended term and estimated that anticipated development would generate about $147.6 million in increment to fund projects, with the…