TIF 2: Speedway
Purpose: TIF 2 (Speedway) was created to support development of the Texas Motor Speedway.
Established: Dec. 19, 1995, by petition
Term: The term extends from 1996 until 2035 and will terminate on the earlier of (i) 40 years from the date of its creation, or (ii) payment, discharge, or defeasance of all TIF obligations under the Development Agreement and as required by the Purchase Contract.
General: This TIF covers 1,489 acres and includes the Texas Motor Speedway. The TIF was amended in 1999 adding portions of the Beechwood area and the Northwest ISD campus. Mr. Sal Espino serves as the Chair of TIF 2. View the boundary map.
Project and Financing Plan: Approved on June 1, 1999 and amended on October 29, 2002 by the TIF Board and City Council
| 2A | 2B | Total | |
|---|---|---|---|
| Base Value | $2,842,050 | $2,242,077 | $5,084,127 |
| 2009 Taxable Value | $44,947,503 | $24,262,151 | $69,209,654 |
| 2009 Taxable Increment | $42,105,453 | $22,020,074 | $64,125,527 |
| 2009 City of Fort Worth Contribution | $360,002 | $0 | $360,002 |
| City of Fort Worth Contribution to Date | $4,268,851 | $0 | $4,268,851 |
| Total Contribution from Entities to Date | $13,601,317 | $3,281,742 | $16,883,059 |
Level of Participation by Entity
| 2A | 2B | |
|---|---|---|
| City of Fort Worth | 100% | 0% |
| Denton County | 100% | 0% |
| Northwest ISD | 100% | 100% |
Projects
| Amount | |
|---|---|
| Purchase of Texas Motor Speedway | $20,000,000 |
| Community Educational Facilities | $21,291,718 |
| Texas Motor Speedway Infrastructure | $13,762,417 |
| Total TIF Commitment | $55,054,135 |