New Downtown Tax Increment Financing Proposal - Newschannel 6 Now | Wichita Falls, TX

New Downtown Tax Increment Financing Proposal

 John Dickinson is the owner of John Dickinson Construction Company and he has Wichita Falls Tax Increment Financing plan to thank for some of his projects.

"Probably if we didn't have it we wouldn't have done it," John says of his building projects.

Five years ago John was able to use funds that came from TIF Zone #1, a project that takes tax money from a specific district and reinvests it into the area.  The funds helped to pay for projects like reconstructing the exterior of the Iron Horse Pub and the complete rebuilding of what is now the Turtle Creek Trading Company.

"It's a motivating factor when you take on a project and if you don't have all the money then it's a big help," John says.

Since then TIF Zone #1 has expired and now the city of Wichita Falls is looking to introduce TIF Zone #4, a project that would have the same exact effects, but would now encompass a much larger area.

"The committee moved forward with recommending having the entire area of downtown so that no area is excluded for potential development," says Karen Montgomery-Gagne, the Planning Supervisor.

The City Planning office says introducing generation two of the Downtown Tax Increment Financing plan would help give the area the chance for much needed revitalization.

"People see the value of going back to the roots of our city, to the original downtown, the heart of our city and we want to continue that momentum that we've achieved to date.  We want to continue to see additional revitalization downtown," she adds.

Business owners like John Dickinson see the importance for such a project.

"I've been looking at other buildings.  I can't wait to see the TIF 4 come into being and seeing what develops from that.  We want to see the downtown come back and be as good as it was," John says.

Taelor Rian, Newschannel 6.

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