This month, the Flower Mound Town Council called a public hearing for the creation of the town’s potential second Tax Increment Reinvestment Zone, to be in the area of the future Furst Ranch development in west Flower Mound.
A TIRZ is an economic development tool available to local governments to finance needed public improvements within a defined area, according to the town. The improvements usually are undertaken to promote the viability of existing businesses and to attract new commercial enterprises to the area. The cost of improvements to the area is repaid by the contribution of future tax revenues by each taxing unit that levies taxes against the property. Specifically, each taxing unit can choose to dedicate all, a portion of, or none of the tax revenue that is attributable to the increase in property values due to the improvements within the reinvestment zone.
Specifically, the proposed TIRZ 2 would provide funds for public infrastructure to approximately 3,962 acres of land generally located at the intersection of FM 1171 and Hwy 377, the future home of Furst Ranch, a huge mixed-use development with thousands of apartments and single-family homes, 6-8 million square feet of commercial space, a resort hotel, a grocery store, corporate headquarters, a hospital, parks and schools. After receiving approval from the town a year ago, Owner Jack Furst said his next priority would be working with the town to set up a TIRZ to fund the infrastructure for the future development.
At a public hearing on Nov. 6 at 6 p.m., residents are invited to provide their feedback and input on the proposed creation of TIRZ 2. Click here for more information.
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