Old Town boom From the cover
Breaking it down
The full story
A TIRZ is possible through the Texas Tax Code and is used as a financing tool for public improvement projects in a specific area, Lewisville’s Economic Development Manager Christina Williams said. TIRZ No. 1 was established in 2001 and has generated nearly $16 million for projects in the area. When a TIRZ is created, the property value within that zone is established as a baseline the year it was created. Taxes up to the zone’s baseline value collected by public entities remain with those entities. As the zone’s property values increase though, participating entities can allocate the growth in taxes to a tax incre- ment fund for public improvements. “It’s also meant to continue stimulating additional growth, which continues to build the fund, which allows you to expand the amount of public projects that you can do to benefit the zone,” Luedke said.
The plan is used by the city to revitalize the area to generate more population density and foot traffic. The city also relies on a tax increment reinvestment zone for funding public projects. “You see a lot more foot traffic than you did a year ago or two years ago,” Planning Director Richard Luedke said. “That’s what we need to attract the new businesses.”
Aura Main Street is slated to open in Old Town Lewisville this spring. It’ll be the fourth multifamily project to open in the area, following three developments that opened within the last year. More than 800 multifamily units have been added, with more expected in 2025, according to officials. Other projects include single-family and townhome developments that started construction since the Old Town Master Plan was last updated in 2022.
Old Town Lewisville Key 1 Aura Main Street
2
COLLEGE ST.
WALTERS ST.
35E
3
CHURCH ST.
2 Whitlow
MAIN ST.
3 Station Old Town
4 Main & Mill Apartments 5 The Mill Old Town
1
4
TIRZ No. 1
5
121
PURNELL ST.
SOURCE: CITY OF LEWISVILLE/ COMMUNITY IMPACT
N
By the numbers
Net taxable value in TIRZ No. 1 has increased 602% over the baseline set in 2001, according to a city report. That increase is driven by public improvements and new developments, the report states. In 2024, development finished on several apartment projects, including The Mill at Old Town and Main and Mill Apartments. Taxable value generated by multifamily projects was over $125 million in 2024.
$2.5M
$2M $1.5M $1M $500K $0 2022 2023 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Combined revenue from increased property values in TIRZ No. 1 increased 293% from 2010-2023.
Year
SOURCE: CITY OF LEWISVILLE/COMMUNITY IMPACT
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