Goal #4

Develop incentive programs to attract anchor developments on hampton road

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1. Create a Tax Increment Reinvestment Zone (TIRZ) to provide tax increment funds to support public/quasi-public projects

2. Develop RFP’s for City-owned parcels and potential assemblages throughout the corridor to spur interest and provide a range of development options

3. Evaluate individual project submissions to assess fit and value proposition and determine appropriate incentive tools

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1st Quarter Update
January 2023

In Q1, the City Council approved the formation of DeSoto’s first economic-development focused Tax Increment Reinvestment Zone (TIRZ) for the Hampton Corridor. The Final Financing and Project Plan associated with that district was also approved directing an estimated $160 million in funding to provide improvements to the TIRZ Zone.