Perryton creates Reinvestment Zone #1 under Texas Tax Code Chapter 311
The council adopted Ordinance #041-26 to designate approximately 16.5 acres as Reinvestment Zone #1 (TIRZ #1), create a five-member board (initially filled by the mayor and four councilmembers), establish a TIRZ fund, and set the zone to terminate Sept. 30, 2051 unless ended earlier.
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Following a public hearing held prior to the meeting, the Perryton City Council on Sept. 1 adopted Ordinance #041-26 to create Reinvestment Zone #1 under Chapter 311 of the Texas Tax Code. Waters presented the ordinance and explained the Preliminary Project and Finance Plan; the ordinance describes approximately 16.5 acres for the zone, findings that the area is predominantly open or undeveloped, and that redevelopment will not occur solely through private investment in the foreseeable future.
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