Frequently Asked Questions
Las Colinas: A Progressive Climate for Business
Today Las Colinas enjoys a reputation as one of the most progressive corporate communities in the world and is the home of major companies such as ExxonMobil, Nokia USA, and The Associates. This phenomenal environment, combined with the proposed Dallas Area Rapid Transit System light rail line servicing the Urban Center and DFW Airport and a new Convention Center will continue to make Las Colinas the premier corporate address. To help you better understand the opportunities for the Las Colinas vision that are available with the creation of the Irving TIF District, here are some basic questions and answers about the Irving TIF and the changes in DCURD:
1. What is a TIF?
A Tax Increment Finance District (TIF) is a geographical area or district created under Texas law. The purpose of a TIF is to encourage development of the area within its boundaries by the reinvestment of the incremental tax growth generated by property value increases and new development within the district.
2. How does a TIF work?
A TIF uses "incremental tax" to fund the projects designated in the TIF Plan. Incremental tax is new or additional tax revenue generated from increased property values and new development after a "base year" is established.
3. What is DCURD?
The Dallas County Utility and Reclamation District (DCURD) is the governmental body that constructed and now maintains much of the Las Colinas infrastructure, including the floodplain reclamation that created the Urban Center and defined Las Colinas lakes and canals. DCURD comprises about one third of Las Colinas, including most of the Urban Center and all of the remaining sites large enough to support corporate campus development. Created by the Texas Legislature, DCURD collects taxes from property owners within the district to pay for and maintain its infrastructure projects.
4. What is the Las Colinas Association
and what does it do?
The Las Colinas Association ( TLCA ) was established in 1973. It is an association of property owners working together to preserve and enhance the quality of business, community life and property values in Las Colinas through board policy and deed restrictions. An Architectural Review Committee within TLCA reviews plans for development to assure the quality of Las Colinas for the current members and future of the development. Properties are assessed a fee for these services.
5. Does DCURD offer tax abatements?
Tax abatements are available for all new development.Your abatement can be as low as:
- Non-residential development $0.50 per $100 valuation.
- Multi-family residential development $0.60 per $100 valuation
- Single family residential development $0.00 (100% Abatement)
6. Does the City of Irving have a
tax abatement program?
Yes, the City's abatement program is based on value and the particular needs of the applicant and industry.