Economic development is competitive in North Texas, but Fort Worth may have found a way to give itself a new edge. 

The Fort Worth City Council recently passed an update to its economic development strategic plan. Among proposals outlined in the plan is a call to create the Economic Development Initiatives Fund, which would bolster funding to multiple economic development initiatives including deal closing. 

“I will quote one of our community partners when we did the original economic development plan presentation to city council; he said ‘Fort Worth has got to stop doing economic development on the cheap,’” said Robert Sturns, economic development director for the City of Fort Worth. 

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Robert Sturns, economic development director for the City of Fort Worth

ROBERT STURNS, ECONOMIC DEVELOPMENT DIRECTOR FOR THE CITY OF FORT WORTH

Multiple tax increment financing districts are about to expire. As they do, the proposal would have the city use that increment to lower property taxes and build the Economic Development Initiatives Fund, which would increase the amount of funding for economic development initiatives. 

Sturns said North Texas is unique in the sense that so many cities are packed into a relatively tight geographic area. Each of those cities is competing for economic development wins like corporate relocations, and some have taken a more aggressive approach. Some cities set aside healthy amounts for economic development. 

“If you compare the $2 million annually that we get to cities like Frisco, Plano or Allen that have $10 million, $12 million, $15 million a year, it just shows that we’re playing in the space, but we’re not as competitive as some of our partner cities around the Metroplex,” Sturns said.

The fund won’t just be for deal closing. About half of the fund will be used for deal closing, while the other half will be used to fund other economic development initiatives, such as supporting local entrepreneurs and small businesses. 

“I really have to applaud the council and the city manager,” Sturns said. “We came up with this concept of a fund a few months ago, and they really jumped on it in an aggressive way. I think they understand that, while Fort Worth has had some really good successes under the prior plan, there’s still more work that needs to be done and we need to have the appropriate resources to do that.”