Strategies to Attract Investment Public and private investments often work together in a song-and-dance that culminates with a completed development project. One of the most successful ingredients to accomplish the resulting development is strong internal and external coordination. Consensus building is a shared task amongst public and private sectors, that yields the best results inclusively, opposed to mutual exclusivity. The City of Fort Worth has made large investments in accommodating this consensus through several programs and efforts including Development Approval Assistance. This streamlined process offered by the Development Services Department offers a single point of contact for the developer as they work through the approval process for construction, zoning, or permitting. Aligning infill development opportunities with the vision of existing plans or planned developments (PD) will not only fulfill the overall goals of the plan or PD but can catalyze the project and spur further investment. Coordination and contribution towards a common goal can help break down barriers to development, build community consensus, and maximize potential investments. Trends and studies focused on infill opportunities for both the residential and commercial sectors indicate that there are many economic incentives to mitigate the potential barriers to infill development, oftentimes with the support of local governments as well. A variety of incentives can be deployed to spur investment in infill projects, including some of the existing programs and policies in Fort Worth: z The aforementioned TIF Number 12 seeks to support viable economic redevelopment in southeast Fort Worth by assisting with public infrastructure (sidewalks, water, sewer, storm drainage) associated with mixed-use development or redevelopment. While most of the funds have been directed at redeveloping Renaissance Heights, the 200-acre Masonic Home greenfield site, sufficient funds remain for one or two more needed commercial or mixed-use projects. z The creation and utilization of a PID could be leveraged to help lay the groundwork for clean, safe, and beautifying initiatives near identified infill opportunities. Offsetting the associated maintenance and public improvement costs can also further existing development momentum in some areas, particularly the Renaissance Square area. z Neighborhood Improvement Strategy Areas have been selected by the City, and are eligible for set-aside funds designed to improve neighborhood vitality. The Ash Crescent neighborhood resides directly west of Cobb Park, and was allocated $2.77 Million by City Council in 2018, of which more than $1 Million remains (as of Fall 2023). The available funds are a result of a half-cent allocation of the municipal property tax rate that’s utilized to develop capital projects, improve public safety, and generally attract private investment in underserved neighborhoods. Several infrastructure and public realm improvements have already been completed because of the program, including illegal waste removal and technology for monitoring, demolition of hazardous structures, streetlight upgrades, Code Enforcement outreach, and public community and stakeholder meetings. z The Land Transactions Incentive was designed to assist developers in the assemblage and acquisition of projects targeted for infill. The City maintains a database of tax-foreclosed and surplus properties that can help developers select and advance economic prosperity. z The City has a Facade Improvement Program that helps improve curb appeal for local businesses with their storefront/facades. Currently, projects must be located within CDBG eligible urban villages, of which the Lake Arlington/Berry/Stalcup are included in the study area. Although eligible projects must be located in designated urban villages currently, future renewal/expansion of the program should be considered to include additional revitalization opportunities and more frequent and diverse funding allocations.
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