A Tax Increment Financing district (TIF) is a special purpose district; a way for the City of Irving to reinvest added tax revenue from new development back into the area where it originated. The TIF program is used to finance new public improvements in designated areas. The goal is to stimulate new private investment and thereby increase real estate values.
Any increase in tax revenues (caused by new development and higher property values) is paid into a special TIF fund to finance improvements. Potential improvements include wider sidewalks, utilities, public landscaping, lighting, environmental remediation, demolition, and historic facades etc.
Public Improvement Districts (PIDs)
A Public Improvement District (PID) is a special assessment area created at the request of the developer in the district. Property owners pay a supplemental assessment in addition to their taxes, which is used to pay off the public funds provided to the developer for project costs associated with the property development, such as dams, sanitary sewer improvements and water distribution systems.