WHAT IS A TIF AND HOW DOES IT WORK?




A Tax Increment Financing (TIF) zone, aims to bring economic development and increase taxable values within a specified area or zone. In 1996, the district entered into an agreement with the City of Grapevine to bring Grapevine Mills Mall and other businesses to a piece of undeveloped land.


COMMUNITY MEETING

A GCISD Community Presentation was held on October 14, 2016. This includes a presentation by GCISD Superintendent, Dr. Ryan, and a walking tour of Mustang-Panther Stadium.





MUSTANG-PANTHER STADIUM: THE NEW EXPERIENCE

When Mustang-Panther Stadium opens, fans, students, and community members will have a new game day experience as part of a stadium renovation.

The work will be completed using funds the district received through a $26 million Tax Increment Financing (TIF) payout resulting from the 1996 TIF agreement with the City of Grapevine to bring Grapevine Mills Mall to the area.

“As a district, we are always looking for ways to continue to be fiscally responsible, whether through our annual budget, debt management or short and long term investments,” said DaiAnn Mooney, GCISD Chief Financial Officer. “Thanks to the foresight of previous district leaders, we are now able to benefit from these funds, while we continue to operate under a flawed public education funding system.”

Approved by the GCISD Board of Trustees, and the Grapevine City Council, the funds will be used by the district on renovations to Mustang-Panther Stadium, joint-use educational facilities and the joint fiber project with the City of Grapevine.

 




Frequently Asked Questions

What is a TIF and how does it work?

A Tax Increment Financing (TIF) zone, aims to bring economic development and increase taxable values within a specified area or zone.In 1996, the district entered into an agreement with the City of Grapevine to bring Grapevine Mills Mall and other businesses to a piece of undeveloped land.

Why was MPS chosen for the TIF funds?
Receiving the TIF funds into the district's general fund would have made them subject to Robin Hood. In order to keep 100% of the TIF funds in GCISD, they must be used for capital improvements within the City of Grapevine. They also must be designated for a joint-use education facility and benefit the TIF zone. Trustees approved using the money on Mustang Panther Stadium because it is a facility that benefits the entire community and district. In addition, the new press box will be available throughout the year to provide a much-needed space for special events, staff professional development, and other meetings.

What work will be done on the visitor's side?
The visitors side will undergo the concrete repairs as approved in the 2016 Bond, but at this time there are no funds for additional renovations of the visitors side. The district is hopeful that down the road slight modifications and renovations can be made to the visitors side so that it compliments the home side.

Will this renovation add more seating?
The renovations on the stadium will require the reconfiguration of some seating areas; however, the seating capacity will not be increased with additional seating.