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Farmers Branch TIRZ No. 2 board reviews TIF basics, approves 2024 financial report
Summary
The City of Farmers Branch Tax Increment Reinvestment Zone (TIRZ) No. 2 board heard a presentation on how TIF works and approved the zone's 2024 financial report, which showed $206,730 in tax increment deposits, $78,554 in expenditures and an incremental property value of about $153.2 million.
The City of Farmers Branch Tax Increment Reinvestment Zone No. 2 board on Thursday heard a presentation on tax increment financing and approved the zone's 2024 financial report.
Deputy Director of Economic Development Darren Garris opened the presentation, saying, "Tax increment financing is a tool that's used to capture the new tax, new tax development in the in the increment zone and is used to pay for public improvements in that area." Garris described the city's four TIRZ/TIF areas and said TIRZ No. 2 was established in 1999 and was extended by the council to expire in 2031; the city participates at a 25% rate and the…
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