Center City TIRZ

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Supporting Investment and Development of Downtown Amarillo

On December 7, 2006 the City of Amarillo established TIRZ #1.  This was an important first step in the revitalization of Downtown Amarillo and has established a dedicated revenue stream for facilitating new private investment and the improvement of downtown infrastructure.  The financing plan provides the TIRZ with a projection of future development in order to forecast the amount of funds available for future improvements.  

The Key Goals from the plan include:

Hotel Development:
- 1,200 rooms within walkable range of the central city core over 30 years
- 300 rooms within the first 7 year term

Urban Residential Development:
- 2,100 new unites within the TIRZ zone over 30 years
- 600 within the first 7 year term
- Note: with success of the central city this goal could increase to over 4,000 over the 30 year term.

Office/Commercial/Retail:
- 1,625,000 SF over the 30 year period
- Of this, about 300,000 would be retail
- It is estimated that about 25% to 30% of this Office/Commercial/Retail would be developed over the first 7 years
- This includes rehabilitation of existing structures

Ballpark/Family Entertainment Venue(s):
- One mixed use development that includes a minor league baseball/entertainment facility and/or other affordable entertainment in the first 7 years.  This would be incorporated with mixed used development that would include housing, restaurants, retail, and some office over 7 years.

Documents

Map of Center City TIRZ