Exciting developments are on the horizon for DeSoto residents as the city’s visionary plan for the Hampton Road Corridor begins to take shape.
DeSoto is embarking on an ambitious project aimed at transforming the Hampton Road Corridor into a vibrant and cohesive destination.
The plan centers around five key objectives: enhancing walkability, improving connectivity, preserving cultural heritage, promoting green initiatives, and implementing effective placemaking strategies.
These objectives look to stimulate economic growth and establish a strong central identity for the area.
One of the central goals of the project is to prioritize walkability. The city aims to create an inviting and safe environment that encourages both residents and visitors to explore the area on foot, promoting a healthier and more engaged community.
Connectivity also features prominently in the plan, with a focus on seamlessly linking neighboring communities and districts. This not only enhances accessibility but also fosters a sense of unity within the city.
The preservation of the city’s unique cultural landscape is a fundamental aspect of the Hampton Road Corridor Plan.
By thoughtfully integrating thematic elements and branding, the project seeks to enhance the area’s character while honoring its heritage.
Environmental sustainability is a core principle of the initiative, with an emphasis on green streets and eco-friendly planting solutions. These efforts align with broader global initiatives to address climate change and promote a healthier environment.
The plan also prioritizes effective placemaking strategies, utilizing streetscape design best practices to stimulate economic growth.
The creation of inviting public spaces seeks to establish a central identity that can attract businesses and contribute to the area’s prosperity.
The comprehensive plan includes several key components, such as the Streetscape Master Plan, which outlines the visual and design aspects of the area.
The Character Code zoning framework ensures the preservation of the community’s distinct charm, while the establishment of a Tax Increment Reinvestment Zone (TIRZ) secures funding for essential infrastructure improvements.
Tax Increment Financing (TIF)
Tax increment financing (TIF) is a tool that allows municipalities to promote economic development by earmarking property tax revenue from increases in assessed values within a designated TIF district, according to the Lincoln Institute.
Local governments use TIF to fund economic development, which will allow local municipalities to finance development projects with the revenue generated by the development.
What Are Tax Increment Reinvestment Zones (TIRZs)?
Tax Increment Reinvestment Zones (TIRZs) are special zones created by City Councils to attract new investment in an area.
These zones help finance costs of redevelopment and promote growth in areas that would otherwise not attract sufficient market development in a timely manner. Taxes attributable to new improvements (tax increments) are set aside in a fund to finance public improvements within the boundaries of the zone.
The last component of the plan is the Roadway Reconstruction Project, in which the city aims to modernize key transportation routes, further contributing to the overall transformation of the corridor.
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Joshua Carter