Downtown Amarillo property values growth

AMARILLO – Values in the Center City Tax Increment Reinvestment Zone rose 38.5 percent from 2006 to 2012, according to information from the City of Amarillo. The city’s values as a whole went up 27.9 percent for the same period.

The values in the zone have gone from $140 million in 2006 to $193 million in 2012, according to Potter-Randall Appraisal District records. The district’s records also show about $13.5 million of the increase was from newly constructed buildings.

A Center City reinvestment summary based on building permits shows $107.5 million spent downtown since 2006 on projects funded by the public, private entities and a combination of those.

The private and joint ventures, which include Center City facade grants and TIRZ projects, make up almost 70 percent of the total spent.

The city created the Reinvestment Zone in 2006 to provide a source of funding for public improvements downtown. Its boundaries are roughly I-40, Adams St. and the railroad tracks north and east of downtown.