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Garland TIF board backs plan to pursue extension of TIF 2, preliminarily split future revenue 50/50
Summary
The Garland Tax Increment Finance (TIF) South Board gave unanimous preliminary approval to develop a project plan that would extend TIF 2 beyond its 12/31/2025 expiration and allocate half of future TIF revenue to the city general fund for public‑safety operations along I‑30 and half for economic‑development projects.
The Garland Tax Increment Finance South Board voted unanimously on Aug. 20 to move forward with developing a plan to extend the termination date of TIF 2 and to explore updating its project and financial plans.
City Chief Financial Officer Matt Watts told the board the staff proposal would earmark 50% of annual TIF revenue to the general fund to help cover public‑safety operations along the I‑30 corridor and place the remaining 50% into economic‑development projects in the district. "We're really the proposal right now is just 50% of all TIF revenue goes to the general fund to cover public safety," Watts said. He described the approach as conservative and amendable on an annual basis.
Watts said the board currently expects roughly $2.3 million in annual TIF revenue under current valuations and proposed using a pay‑as‑you‑go model rather than issuing new debt beyond certified revenues. Board members asked for clarifications about what the general‑fund transfer would cover; Watts said the funds would be earmarked for public‑safety needs along I‑30 but not routed into the TIF itself. One member expressed concern about pending EMS/fire stakeholder work and asked that the 50% allocation remain adjustable after further review.
The motion to direct staff to continue developing the plan and to review the consultant's parcel recommendations in September passed unanimously by the seven members present. The board instructed staff to return with the consultant's boundary recommendations and a recommended project plan for formal referral to city council.
