The City of Bridgeport has created the first two tax-increment reinvestment zones in Wise County. These are referred to as TIF No. 1 (Downtown, Hospital, and US Highway 380) and TIF No.2 (Endeavor Bridgeport). Wise County supports both zones.
The City of Bridgeport is aggressively encouraging development in these zones. Since the creation of these two zones, the City of Bridgeport, Bridgeport EDC, and several developers have made investments in the zones to facilitate initial development increment and subsequent TIF revenue. Both reinvestment zones have a 30-year term and include over $20 million for projects.
TIF No. 1 (Downtown, Hospital & US Highway 380)
TIF No. 1 was created in December 2007 with a 30-year term with an estimated projects cost of $21.2 million.
Tax rate participation is divided between the City of Bridgeport at 60% and Wise County at 40% with an estimated TIF revenue generation of $4,650 per $1 million annually. Proposed projects (see TIF No. 1 Project Plan for details) include but are not limited to:
TIF No. 2 (Endeavor Bridgeport)
TIF No. 2 Project Plan is currently pending City Council approval. TIF No. 2 was created in December 2010 with a 30-year term with an estimated project cost of $25.92 million in Phase I and $19 million in Phase II. Tax rate participation is divided between the City of Bridgeport at 75% and Wise County at 50% with an estimated TIF revenue generation of $5,850 per $1 million annually.
Phase I proposed projects include but are not limited to:
Streets and Utilities
Recreational Park Improvements
Veterans Home Land
Phase II proposed projects include but are not limited to: