{"id":132175,"date":"2025-08-09T16:47:22","date_gmt":"2025-08-09T16:47:22","guid":{"rendered":"https:\/\/www.europesays.com\/us\/132175\/"},"modified":"2025-08-09T16:47:22","modified_gmt":"2025-08-09T16:47:22","slug":"fort-worth-approves-40m-for-public-parking-at-texas-am-campus-downtown","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/132175\/","title":{"rendered":"Fort Worth approves $40M for public parking at Texas A&M campus downtown"},"content":{"rendered":"

The city of Fort Worth is pumping $40 million into a public parking garage at the base of Texas A&M University\u2019s planned research building downtown<\/a>.<\/p>\n

The boards <\/a>of Fort Worth\u2019s Downtown Tax Increment Finance District and Lancaster Corridor Tax Increment Finance District approved Wednesday<\/a> spending $20 million per district to help with the garage\u2019s construction.<\/p>\n

\"\"This site plan of Texas A&M University\u2019s downtown campus shows a planned Research & Innovation Building to the north of the university\u2019s Law & Education Building, under construction. (Courtesy image | City of Fort Worth)<\/p>\n

State law allows governmental entities to set up tax increment financing, or TIF, to pay for public infrastructure projects. The money, or increment, comes from growth in tax appraisals in each district.<\/p>\n

Roger Venables, representing the city\u2019s economic development department, told board members during the Downtown TIF meeting that pitching in $20 million wouldn\u2019t take away money from other proposed projects \u2014 given the district\u2019s continued growth in appraised value.<\/p>\n

\u201cThere are still ample resources to support other projects throughout the district,\u201d he said. \u201cIt\u2019s not going to tie up the TIF.\u201d<\/p>\n

The Research and Innovation Building, part of a planned multiblock Aggie campus downtown<\/a> that includes the Texas A&M Law and Education Building now under construction, will be as tall as 14 stories. Plans for it include academic space, the four-floor public parking garage at the building\u2019s base, and one underground parking floor that A&M will control.\u00a0<\/p>\n

The project was previewed previously as it made its way through other local public entities, including the Fort Worth City Plan Commission<\/a> and \u2014 as a courtesy \u2014 Fort Worth\u2019s Downtown Design Review Board, which doesn\u2019t have jurisdiction over the project.<\/p>\n

In an interview after the TIF meetings, Venables said the four stories of public parking will include about 440 parking spaces.<\/p>\n

Besides demand from A&M, the public parking will serve needs related to fast growth in downtown\u2019s southeast quadrant, including the expanding Fort Worth Convention Center and a planned convention center hotel, Venables said.<\/p>\n

Fort Worth\u2019s Research & Innovation Local Government Corporation<\/a>, formed by the city in 2023 to support development of the A&M campus, will issue debt to pay for all design and construction costs related to the academic space and public parking. The Fort Worth City Council would need to vote to approve any issuance of debt by the LGC.<\/p>\n

The TIFs\u2019 $40 million will pay for the costs of building the parking. The city\u2019s contribution is capped at $40 million, Venables said in the interview.<\/p>\n

A&M will be responsible for all maintenance and operational costs of the public parking, underground A&M parking and academic space.<\/p>\n

Venables said the total cost of the Research and Innovation Building isn\u2019t clear yet, as A&M is still working its way through the project.<\/p>\n

The construction timeframe isn\u2019t complete yet, but Venable said the city expects construction to begin next year.<\/p>\n

\n\tRelated\n<\/p>\n

Fort Worth Report is certified by the Journalism Trust Initiative<\/a> for adhering to standards for ethical journalism.<\/p>\n

Republish This Story<\/p>\n

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