In June 2020, Good Fulton and Farrell (GFF) Architects/Planners and David Pettit studied the property at the heart of Bedford Commons and developed a new vision. Located adjacent to the current City of Bedford municipal center and strategically proximate to both single family residential and a trail system of existing parks, the central property within the Commons comprises approximately 30 acres of mostly vacant land, with easy access to nearby major roadways.
GFF & David Pettit engaged with the City through a series of meetings during the summer of 2020 to determine a common vision for the property, one that will provide for the citizens of Bedford a unique and family-friendly place to gather, dine and enjoy the outdoors.
Through consensus, the team developed a list of goals that the project must achieve:
- Make a place that is unique in Bedford
- Make it a local destination
- Make it well-programmed/multi-functional
- Make it experiential and aspirational
- Make it distinguishable from other sites
- Make for a strong connectedness to adjacent single family
To encourage development of this central and catalytic property, the City of Bedford established a Tax Increment Reinvestment Zone (known as a “TIRZ”) on October 27, 2020. Later, on December 15, 2020, the Tarrant County Commissioners Court approved participation within the TIRZ (at 50% of their tax rate), and most recently, the Tarrant County College District approved participation within the TIRZ (at 50% of their tax rate) on September 23, 2021.
As approved by the City and our partners, the estimated added value of the proposed improvements on the site is over $75,000,000, through a mix of commercial and townhome uses.
The presence of the TIRZ will provide financial incentives through the captured added tax value of the improvements. The added taxable value within the TIRZ will provide revenue to aid in the costs of water facilities and improvements, sanitary sewer facilities and improvements, storm water facilities and improvements, street and intersection improvements, open space, park and recreation facilities and improvements, utility and street lighting, economic development grants, and administrative costs.
For additional information on how a Tax Increment Reinvestment Zone works, please refer to this TIRZ FAQ.