Tax Increment Financing Reinvestment Zone Number Three
In December 2018, the City Council approved the Tax Increment Financing Reinvestment Zone Number Three (TIF Zone 3) to support construction and development of the Silver Line (formally Cotton Belt) Regional Rail Project in the City of Plano. TIF Zone 3 consists of two non-contiguous areas within an approximate ½ mile walking distance of planned 12th Street and Shiloh Road Stations. A station along the DART Red Line is also planned for the project.
Properties within the Zone largely consist of commercial, industrial and office type uses. The base year for calculating tax increments is 2018. Tax increments dedicated to the Silver Line project are limited to a total contribution of $12.3 million or the revenue on real property taxes levied through 2038, whichever occurs first. A portion of the increments collected from existing TIF Zone 2 parcels within an approximate ½ mile walking distance of the proposed 12th Street Station shall also be dedicated to the project.