The details
According to city documents, the expansion would add the following:
- 300,000 square feet of new commercial development
- 500 hotel rooms in one or more properties
- A 295-unit multifamily property
- 1,300 parking spaces in two or more underground parking garages
- Expanded livestock buildings
- Cowtown Coliseum improvements
According to city documents, the city will purchase the parking garages at a cost of $126.15 million. Additionally, the city will also reimburse up to $15 million of construction costs incurred by the developer for improvements made to the Cowtown Coliseum.
To assist in the financing of these two items, the city will enter into a tax increment financing agreement that will use tax dollars within a tax increment financing zone to help reimburse the costs.
The backstory
The historic Fort Worth Stockyards were built in 1876 when the city became a major shipping point for livestock and reached a peak in 1944 when it processed more than 5 million cattle, according to the city website. While livestock are no longer shipped from the Stockyards, it has become a tourist attraction and entertainment destination that draws more than 3 million visitors annually, according to the city website.
City documents state the expansion project is slated for completion by the end of 2032.
