Irving's City Council has taken significant steps to enhance the local economy through a series of amendments to the economic development incentive agreement with Brookfield Properties, the tenant of the Music Factory Portfolio. During the recent work session on May 29, 2025, council members discussed the ongoing improvements to the property, which began with a lease assignment in May 2022.

In 2023, Brookfield proposed substantial upgrades to the Music Factory, prompting the council to approve amendments to both the lease and the economic development agreement in January 2024. These changes are designed to facilitate the necessary improvements, reflecting the city's commitment to fostering economic growth.

The economic development incentive agreement has undergone several modifications since its original approval in 2013. Initially, the agreement allowed for a full rebate of state sales tax and a portion of city sales and mixed beverage tax generated on the property. Over the years, the terms have evolved, with the city retaining a percentage of the taxes. Most recently, in 2024, the council approved a new arrangement where the previously retained 50% of the city sales and beverage tax will now be rebated back to Brookfield for specific capital improvement costs.

This strategic decision aims to support Brookfield's investment in the Music Factory, which is expected to enhance the overall appeal of the area and drive further economic activity. The council's actions underscore a proactive approach to economic development, ensuring that local businesses can thrive while also benefiting the city’s financial interests.

As these improvements progress, the city anticipates a positive impact on local revenue and community engagement, paving the way for a vibrant future for Irving's entertainment district.