Tax Increment Financing - TIF No. 1 & TIF No. 2
The City has established two reinvestment zones for the purpose of tax increment financing of infrastructure. See interactive map for the location of existing zones. The City will consider using Tax Increment Financing to finance needed public improvements in a defined area. The costs of public infrastructure improvements to the area is repaid by the contribution of future tax revenues by each taxing unit that levies taxes against the property. $40,000,000 of infrastructure improvements including streets, water, sewer, lighting and landscaping are planned within the TIF No. 1 project plan. $7,500,000 of streets, water and sewer projects are included within the TIF No. 2 project plan.
A state Enterprise Zone is located west of Interstate 35E and east of Midway. Tollway frontage included in the Enterprise Zone. See interactive map for the location of existing Enterprise Zone. Please call the City Manager's Office for details and application package.
The project’s developer, K Hovnanian, is constructing 29 single family, patio homes adjacent to Farmers Branch City Hall and the DART line. Construction began in February 2013. Located off of Denton Road and Valley View Lane, these homes will consist of approximately 2,500 square feet and will be two-story, all brick homes. For more information visit the K. Hovnanian website.
The project’s developer, Western Securities, acquired the City-owned property in the station area and began construction of a four-story, mixed-use building in July 2012. The 300,000 square foot development will include 257 dwelling units on the upper floors and up to 10,000 square feet on the ground floor that could be used for retail. The construction is expected to commence by the end of winter 2013. For more information visit the project's Facebook Page.
In January 2005, the City approved a conceptual site plan for 23.9 acres at the northwest corner of Midway Road and Alpha Road for a mixed-use planned development consisting of townhomes, retail and apartment uses. Thirty one three-story townhomes and 78 single-family detached homes have been constructed and are located at the northwest corner of Sigma Road and Alpha Road. The exteriors consist of brick and stone with architectural details. Open-space amenities include a retention/detention pond and landscaped common spaces with pedestrian walkways throughout. The townhomes facing Sigma and Alpha have gated, landscaped front yards. There is on-street parking along Sigma and Alpha Roads and within the development.
Elan City Centre
This project was constructed east of the Dallas Parkway and north of LBJ. It consists of two, three-story buildings containing 327 multi-family units. Greystar is the developer and construction began in the Fall of 2012. This development is completed and now leasing. For more information visit the Greystar website.
Lincoln Properties is developing a 582 unit, multi-family community located at the northwest corner of Luna Road and Royal Lane. This property is adjacent to Colinas Crossing Lake. Construction began in January of 2013.For more information visit the Lincoln Property website.