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TIF 3 plan reviewed; termination date set to Dec. 31, 2055, as staff prepares updates
Summary
Garland's TIF No. 3 board reviewed the recently adopted project-and‑financing plan and confirmed the TIF zone's termination date is 12/31/2055; staff said they will return with revised budget proposals and plan amendments as part of the FY27 process.
The Garland Tax Increment Finance No. 3 Board reviewed its current project-and‑financing plan and the board‑adopted change that extended the TIF's termination date.
Allison (staff) reminded the board that an updated plan adopted in February 2025 extended the TIF termination from 2048 to "12/31/2055," and that staff is tracking the original medical‑district subarea separately so medical‑district incremental value is not used to subsidize projects elsewhere. "This extended the TIF's termination date from 2048 to 2055," she said. Staff said the board and City Council previously approved the extension and that project bookkeeping will keep the original medical‑district accounting separate from the North–South expansion.
Why it matters: staff noted that extending the plan changes the timeframe for projects and debt service and that, as budget work proceeds, the project‑and‑financing plan will be revised and brought back to the board for formal consideration and then to City Council. Allison said staff aims to present a budget proposal tied to the plan during the FY27 budget process and expects multiple meetings to gather board input before any formal amendment is returned for a vote.
Next steps: staff will present updated revenue projections in July when appraisal‑district estimates are more mature, provide draft FY27 budget material for board feedback, and then prepare a formal project‑plan update for board and council consideration, with a realistic target of 2027 for full finalization.
