Downtown Redevelopment (TIF) Program

City Center TIF District (FY 2004-2005)

The City Center TIF District (Reinvestment Zone Number Five) was created in 1997 to promote the redevelopment, stabilization, and growth of the City Center TIF District area. In less than nine years, the City Center TIF District has been an instrumental part in creating a positive investment climate in the historic downtown core. Twenty-six projects will generate approximately $509.4 million in new investment.

• 2,260 completed, under construction or planned apartment units
• 2,286 completed, under construction or planned hotel rooms
• 276,600 square feet of completed, under construction or planned retail space
• 194,000 square feet of office space

The Majestic Theater (map) in the City Center TIF District.

The development goals for the City Center TIF District include:

• Make the City Center Area a safer place to live and work
• Improve access to the City Center Area
• Improve the image of the City Center Area
• Take advantage of the existing building stock
• Develop a diverse mix of land uses within the City Center Area
• Increase recreational opportunities in the City Center Area

The City Center TIF Districts assessed 2005 tax value was $1,212,997,626. This represents a 36% increase over the base year value and a 3.96% over the 2004 tax value.

Downtown Connection TIF District (FY 2004-2005)

The Downtown Connection TIF District (Reinvestment Zone Number Eleven) was created in 2005 to provide funds for public capital improvements in the core of Downtown essential for development of key spaces and buildings. It was created to focus on catalyst projects that are to result in greater density and a critical mass of development within the Main Street core area.

Stone Street Gardens (map) in downtown.

The development goals for the Downtown Connection TIF District include:

• Improve the access between and within the Uptown and Downtown areas
• Improve the image of the Downtown Connection Area
• Support redevelopment of the existing building supply
• Develop a more diverse mixture of land uses within the Downtown Connection Area
• Increase open space and recreational opportunities in the Downtown Connection Area
• Incentivize catalyst project(s) to accelerate reaching a critical mass of residential units, retail establishments, and public amenities for a vibrant downtown
• Facilitate private development within the Downtown Connection TIF District for the public purpose of developing and diversifying the economy of the District, eliminating unemployment or underemployment in the District, and developing or expanding transportation, business and commercial activity in the District.

The Downtown Connection TIF District will expire in 2035. Anticipated projects for the Downtown Connection TIF District include the following projects: the Mercantile block, Continental Building, Atmos Energy Buildings, Main Street Gardens, the Woodall Rogers Deck/Park and the Uptown/Downtown connector. Forest City, a Cleveland, Ohio-based developer, proposes to develop the Mercantile block site as sustainable development with a mix of land uses, including approximately 717-737 residential units, 44,000 square feet of retail, and 375 parking spaces. This development will allow for 2.5 blocks of the downtown core to be renovated and 1.4 million square feet of obsolete office space taken off the market.

Total investment in the Mercantile development project is expected to exceed $158M. Total investment does not include the Atmos Energy Complex.

The Downtown Connection TIF District’s assessed 2005 tax value was $561,098,307.