Burkburnett looks to TIF funds to revitalize downtown, place infrastructure along I-44
Published: Thu, 11/30/23
Burkburnett looks to TIF funds to revitalize downtown, place infrastructure along I-44
TexomasHomepage.com
by: Dylan Jimenez
Posted:
Updated:
BURKBURNETT (KFDX/KJTL) — Oil rigs and blossoming businesses used to be the hype of Boomtown.
Now, Burkburnett is looking for a new kind of boom, and not in oil.
“Our responsibility currently is to work with our county government, show them and explain to them some of the economic viability opportunities that we are looking at currently,” Burkburnett City Manager Fred Tillman said. “Those opportunities and how they can affect our future area for growth.”
Tillman turns to Wichita County Commissioners for help, discussing project plans such as revitalizing downtown and building city infrastructure along I-44 toward Wichita Falls, using tax incentive finance funds, or TIF.
“We did miss out on a project earlier, Burkburnett did,” Burkburnett Development Corporation Executive Director Travis Haggard said. “Due in part to not having the infrastructure in place, and that means, you know, millions of dollars of investment lost.”
No action was taken in the November 13 meeting, but it’s a discussion commissioners will continue to have, according to Precinct 2 Commissioner Mickey Fincannon.
“We have to look at both sides of the story where we want to help the surrounding communities here with any kind of tax incentive we can to build their businesses. But, we also have to look out for the taxpayers of Wichita County,” Fincannon explained. “Instead of those taxes going back to the county, they would be put back into [an] infrastructure saving account, basically TIF funds.”
While the focus is currently on Burk, Fincannon expressed a need for revitalization in other cities in the county.
“There’s all surrounding towns here, as well as Wichita Falls, that [have] a downtown area that needs to be reinvested in, and it takes money to reinvest,” Fincannon said. “I think all the areas of this county need to be worked on and built up.”
With missing out on past projects and revitalizing downtown, it’s a plan to prepare the city for the next 20 years and beyond.
“Once you figure out where you can find the money to help incentivize projects, then you can start to create that road map for new entrepreneurs,” Haggard said. “The beauty behind the TIF district, the revenues that come in, are from the future growth in that area. So, they don’t have to give us anything right now. There’s not a lost revenue.”
Haggard further explained how TIF funds pouring into Burkburnett wouldn’t impact the county budget.
“We don’t take anything off the books, so to speak when it comes to property tax revenues,” he said. “Any growth, the increment that comes with it, now is redirected into the TIF account.”
While the project and budget details are still being ironed out, Burk officials said they’re eager to watch the city grow.
“The end result is Burkburnett is open for business and we’re looking for investment,” Tillman said.
Looking to boom the economy across the city.