The state’s strong economy, combined with Irving’s numerous transportation assets, are translating to a massive increase in national and international corporate, commercial and retail development.
During the 2015-16 fiscal year, Irving’s construction valuation topped $819 million — the highest in 30 years. Six years prior, it was $348 million, less than half of today’s number. The city issued 616 new home permits last year - more than double the number from six years ago. The average new home permit value is just under $400,000.
So what does this mean?
It means thousands of new, good jobs. It means Irving’s commercial vacancy rate is so low, new office buildings are under construction to satisfy demand. It means lots of nice, new homes, new restaurants, new retail and more visitors. Finally, all the construction drives additional tax revenue that helps the city fund critical infrastructure - roads and underground utility needs.
A Tax Increment Financing district (TIF) is a special purpose district; a way for the City of Irving to reinvest added tax revenue from new development back into the area where it originated. A Public Improvement District (PID) is a special assessment area created at the request of the property owners in the district. These owners pay a supplemental assessment in addition to taxes.