Attracting private investment and preserving historic resources are important to the city, businesses, and private citizens alike. Fort Worth’s City Council voted recently to approve the creation of a tax increment finance district that will channel $2.8 million in taxes from new construction in the Lancaster Corridor to help restore the Historic Texas and Pacific Passenger Terminal into 136 apartments. An additional 92 condos have been constructed immediately east of the T & P Terminal building. City officials project that the TIF will produce $58 million in revenue over 21 years, which will be used not only for historic preservation, but landscaping, parking, and utility relocation. 2004 bond funds are also helping to construct improvements to streets intersecting Lancaster west of downtown.

Montgomery Plaza
Construction for redeveloping the 46-acre Montgomery Plaza site in the Trinity Park Urban Village in Fort Worth, Texas is well underway. In 1986 the catalog operation closed on the site and ten years later Montgomery Ward filed for bankruptcy protection. In March 2000 the distribution center took a direct hit from a tornado, killing one person. The tornado left the warehouses severely damaged, and six months later Montgomery Ward completely vacated the site.

The new plan consists of the development of 365,000 square feet of retail, including the first floor of the old Montgomery Ward catalog building. In addition, a SuperTarget added another 170,000 square feet of retail, including a full-service grocery store.

The catalog building is slated for loft apartments and specialty retail. A six-story-high passage was carved out through the center of the U-shaped building, allowing traffic to access the rear of the site, and creating a more pedestrian-friendly facade.

Kimco Montgomery Plaza, LP received a one-year tax abatement (2005 tax year) for up to 100% of its increased real and personal property taxes attributable to the property. In return for the environmental remediation of the property and adaptive reuse of the historic catalog store, Kimco is eligible to receive up to 21 annual economic development program grants. The total value of the grant package, including the one-year tax abatement, is capped at $22,705,027. Target received a one-year tax abatement (2005 tax year) for up to 100% of Target’s increased real and personal property taxes attributable to the property. In return for the development of a SuperTarget with a full-service grocery store component, Target will be eligible to receive up to 21 annual economic development program grants. The total value of the grant package, including the one-year tax abatement, is capped at $13,000,000.