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Richardson TIF No.1 reports $2.72 billion appraised value and $14.2M FY25 expenditures; board briefed on Project Journey and Project Nova support
Summary
City staff told the Richardson TIF No.1 board the district’s appraised values have grown to about $2.72 billion, FY25 expenditures were $14.2 million with a $15 million year‑end fund balance, and that the board has committed multi‑million dollars in TIF support to Project Journey ($10.6M total) and Project Nova (~$6.5M).
City staff presented the Tax Increment Reinvestment Zone No.1 (TIF No.1) annual report for fiscal year ending Sept. 30, 2025 to the board on March 5, 2026, reviewing valuations, revenues, expenditures and pipeline projects supported by the district.
The staff presentation, led by the TIF administrator (referred to in the meeting as Mr. Gastro), summarized district history and financials. The TIF, which began in 2006 and runs through 2031, covers more than 1,700 acres and has been expanded several times, staff said. The district’s appraised values were described as approximately $2,720,000,000, up from a base year valuation of $429,000,000 before expansions.
On finances, staff reported roughly $10.7 million in revenues last year…
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