Since 2008 the school has purchased three large tracts of land adjacent to the Belknap Campus, to the school's northwest campus, to the school's east campus – south of Hahn and south of the Speed School of Engineering. New student housing has been completed on one of the northwest segments with student parking slated for the other. A new engineering and applied sciences research park is planned for the land south of the Speed School of Engineering. It serves as the centerpiece of a Signature Tax Increment Financing (TIF) district, designed to stimulate economic growth in an area around the university's Belknap campus. The TIF district covers more than 900 acres stretching from Belknap Campus south to the Watterson Expressway. The Kentucky Economic Development Finance Authority recently approved the TIF, paving the way for what could be an estimated $2.6 billion over 30 years.