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Colleyville council opens public hearings on expanding, extending tax increment reinvestment zone
Summary
Council held first reading of an ordinance to extend the life and expand the boundary of Tax Increment Financing Reinvestment Zone No. 1, a step toward using increment revenues for roadway and park improvements; no final vote was taken.
Colleyville — The City Council held the first reading and public hearing Oct. 8 on an ordinance to expand the boundaries and extend the life of Tax Increment Reinvestment Zone No. 1, commonly called a TIF, to continue using incremental tax revenue to fund public improvements.
City leaders and their consultant told council members the proposal would extend the TIF 25 years — from its current 2030 termination to Feb. 28, 2055 — and add new corridor and parcel areas (labeled TIF 1B) so the city can use increment dollars for projects such as right-of-way and park site work near the recreation and senior centers. The ordinance requires a second reading, review by the TIF board and final council approval at later meetings.
The proposal would keep the City of Colleyville’s participation at 100% of its real-property increment; other taxing entities’ participation varies by base…
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