Willow Park has one Tax Incremental Reinvestment Zone (TIRZ)

TIRZ One currently includes the following developments, some of which originally were owned by Wilks Development but subsequently have been sold:​

• Willow Park North is a Master-Planned Community Offering Charming Neighborhoods And Big-City Convenience

  • ​A 230 acres encompassing the old race track property; WPN includes approximately 230.84 acres within the City and is, generally located in and adjacent to Crown Pointe subdivision, an addition of the City, north of Interstate 20, west of Kings Gate Road and east of Crown Pointe Boulevard. The Future Land Use Plan identifies this area as the Town Center. A variety of urban housing, shopping, and dining are key components to this urban center.

  • Commercial: The Shops at Willow Park; Willow Park North Commercial (August 2021), Barron Stark Engineers  

  • Residential: The Reserves single family houses; The Gates apartments; Canvas townhomes (sold)

• Olympus Willow Park (sold) The apartments were built in 2013 and the phase 2 townhome apartments were built in 2015; at the time they were known as The Village at Crown Point.

• Canvas at Willow Park, (WPC Blog)  (sold) 101 leased townhomes by Argosy Real Estate Partners was purchase from Wilks Development in 2021, who originally marketed the property as 101 Row, 101 owned townhomes.

• The District [WPC Blog] is a promenade of restaurants and retail stores along the Clear Fork Trinity River, part of The Shops at Willow Park North -- designed for restaurants, entertainment, and retail with an amphitheater for live music, outdoor activity areas, outdoor patio space with elevated 2nd story patio views.

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Tax Incremental Reinvestment Zone (TIRZ) Board of Willow Park

[Editorial Comment: As of Tuesday, 05 April, 2022 this webpage is out-of-date.]

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Short History; see TIRZ Journal for details.

• During the last century, this area was a parimutuel horse race track, Trinity Meadows Raceway.

• Wilks Development started work in this area in 2011, with the multi-family property now, known as Olympus Willow Park.

• The city and Wilks Development started work on a TIRZ in 2015. Before the 2016 TIRZ, parts of the Wilks Development were also known as -- and referred to in city council and board meetings -- Crown Point Addition (The Shops and Willow Park North) and Village at Crown Point (Olympus Willow Park).

• The Tax Increment Reinvestment Zone Number One (TIRZ) was created by Ordinance 739-16 on October 25, 2016. The TIRZ #1 consists of 230.84 acres of land generally located along the Meadow Place Drive between the Kings Gate Road and Crown Road

• Willow Park TIRZ One, with Wilks Development, began 11 October 2016 City Council Meeting with public hearing on the Wilks TIRZ and Planned Development District. The ordinances for the TIRC and PD were passed in the 25 October 2016 2016 Town Hall and Special City Council Meeting. And in the 15 November 2016 City Council Meeting the city passed “Resolution 20-16 a Resolution authorizing the execution of the TIRZ Reimbursement Agreement for Reinvestment Zone Number One between the City of Willow Park Reimbursement Zone Number Once, and WPD Trinity, LLC.”

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How Does a TIRZ Work?

"A TIRZ is a type of financing incentive that reimburses a developer eligible costs for approved infrastructure improvements. The reimbursement comes out of the incremental property tax increase that is generated within the TIRZ bounds. Simply put, a developer will front money to build in an area and the TIRZ pays them back as the area’s tax base grows." (See TIRZ General Info.) As Willow Park TIRZ One properties increase in value, the increment tax is split 75/25 between Wilks Development and Willow Park thru 2026 and then 50/50 until 2036.