Bridgeport Has TIRZ-1 and TIRZ-2 Programs
Tax Increment Financing (TIF)
Tax Increment Financing is a way municipalities can “Self-Finance”. Tax Increment Financing relies on a property’s value increasing over the period of 20-30 years and uses the incremental property tax profits to fund reinvestment in the community.
This form of financing is known to draw investors who purchase bonds. The incremental increase in property taxes are then used to pay back the bonds, and fund community revitalization projects.
TIRZ-1 (Downtown, Hospital & US Highway 380)
Tax rate participation is divided between the City of Bridgeport at 60% and Wise County at 40% with an estimated TIF revenue generation of $4,650 per $1 million annually. Proposed projects (see TIF No. 1 Project Plan for details) include but are not limited to Streets and Utilities, Halsell Street Redevelopment, Halsell Street Facade Restoration, Parks, and Trails, Library Expansion, Flood Control, County Courthouse Renovation
TIRZ-2 (Endeavor Bridgeport)
TIF No. 2 Project Plan is currently pending City Council approval. TIF No. 2 was created in December 2010 with a 30-year term with an estimated project cost of $25.92 million in Phase I and $19 million in Phase II. Tax rate participation is divided between the City of Bridgeport at 75% and Wise County at 50% with an estimated TIF revenue generation of $5,850 per $1 million annually.
Phase I proposed projects include but are not limited to Streets and Utilities, Recreational Park Improvements, Veterans Home Land. Phase II proposed projects include but are not limited to Multipurpose Event and Activity Center (Arena), Streets and Utilities, Public Safety Facility
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