Arlington Highlands
A Tax Increment Reinvestment Zone established to pay for public infrastructure to support the Arlington Highlands shopping center is being terminated seven years early because of the south Arlington development's success.
The Arlington City Council voted Tuesday, May 22 to end TIRZ No. 4., which has collected property tax revenue generated by the Arlington Highlands and surrounding private development to fund capital improvement projects, such as widening a section of Matlock Road to six lanes and extending Center Street south of Highlander Boulevard over Interstate 20. All public infrastructure work was completed in 2017.
When the 320-acre reinvestment zone was created in the northeast corner of Matlock Road and Interstate 20 in 2005, most of the area was underdeveloped and the public infrastructure serving the site was insufficient to support new private reinvestment.
The TIRZ was expected to increase taxable real property values in that area by more than $130 million and generate a total tax increment of $154 million over the reinvestment zone's 20-year span, originally set to end in 2025.
Over the past 13 years, the reinvestment zone has proven to be a valuable tool that has allowed a long-time dream - transforming an underdeveloped area into an economic engine - to become reality. Today, the Arlington Highlands is one of The American Dream City's top retail, entertainment and dining destinations. The actual taxable value of TIRZ No. 4 has reached more than $229.4 million, representing a $212.4 million tax increment. The taxable value exceeded the base year value by 1,250 percent.
The Center Street bridge over Interstate 20 opened in 2017.
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