The 17,000-acre, public-private development Alliance Texas paid more than $1 billion in property taxes to eight entities, spreading its impact to four cities throughout two counties in the state.
More than $20 million went to both Tarrant County and the city of Forth Worth in 2011, a vast increase over tax revenue a decade ago, which came in at $7 million and $9 million, respectively. The development is a collaboration between Hillwood Properties and the state; public investment to build project topped $419 million, with private money equaling $7.7 billion. In two decades, Alliance Texas has generated $43 billion in economic impact.
“This significant milestone is a testament to the collective and collaborative effort of numerous public and private entities to maximize value for the citizens of North Texas,” Hilllwood Properties President Mike Berry said in a statement. “Working together, we have provided an exponential return on the initial public investment in AllianceTexas and built an economic engine that continues to yield tremendous economic growth for our region.”
In 2012, officials completed a 189,000-square-foot healthcare facility, combined with an 89,000-square-foot office complex, and a 14-screen movie theater. Two office developments totaling 230,000 square feet are set for completion next year. – Jon Ross
Texas development generates $1 billion in taxes
