The Rowlett Economic Development team has some exciting news regarding future development in the City of Rowlett. The Rowlett City Council recently approved the establishment of Tax Increment Reinvestment Zone (TIRZ) #4 in the North Shore District in the City of Rowlett, Texas.
The first development approved to utilize TIRZ #4, the Jackson Shaw Lakeview Business District, will bring $165 million of investment to North Shore with 1.6 million square feet of light industrial and warehouse space. In addition, up to fifty percent of the increment in property taxes can be utilized to assist developers and the City with public infrastructure projects, further enabling the transformational change we anticipate to occur in North Shore.
"The TIRZ lays an impressive foundation creating tremendous opportunities for further attraction of business and industry to North Shore, generating economic growth and jobs in Rowlett and for the regional workforce," says Libbey Tucker, Rowlett's Director of Economic Development.
What is a Tax Increment Reinvestment Zone (TIRZ)?
A TIRZ is a form of tax increment financing that can be established by cities in Texas to incentivize development.
Created by Chapter 311 of the Texas Tax Code, this innovative development tool establishes a “base tax value” for a designated geographic area. After development, a portion of the additional ad valorem property taxes within the zone is reallocated to assist with public infrastructure projects. The base value continues to be received along with any new value not dedicated to the TIRZ district (increment). TIRZ funds can be used for infrastructure, utilities, roads, landscaping, streetscapes, and other public enhancements.
For the Jackson Shaw development:
- 50% of the increment of new property taxes generated with their development will be used to assist with public infrastructure projects.
- 40% of the increment in the remainder of North Shore is allocated to Jackson Shaw at a total cap of $15,153,528.
- The length of the TIRZ for the Jackson Shaw project is 22 years, while the length of the entire TIRZ is 30 years.
- Other City infrastructure needs, such as water supply and roadway projects, are identified as Tier 2 projects, at an amount of $117,550,000
TIRZ #4 Area Containing 1,686 Acres in North Shore
Jackson Shaw Lakeview Business District -165 Million - 1.6 Million Square Foot Master PLanned Corporate Development in the City of Rowlett, Texas.
The Jackson Shaw Lakeview Business District is a 1.6 million square foot master planned corporate campus for development in North Shore. The site for the development of this new district is located on the frontage of the President George Bush Turnpike at Merritt Rd and Liberty Grove Rd in Rowlett. https://www.lbdrowlett.com
If you're interested in learning more about economic development in Texas, be sure to check out the Texas Economic Development Connection website. The site is a great resource for those looking to start or grow a business in the state. It provides a wealth of information on everything from funding opportunities to workforce development programs. Whether you're a seasoned entrepreneur or just getting started, the TexasEDConnection website is a valuable tool for anyone looking to succeed in the Texas economy.