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Denison board approves $963,759 in TIRZ reimbursements after financial update
Summary
The City of Denison Reinvestment Zone No. 1 board received a financial update on the zone’s growth and unanimously approved reimbursements totaling $971,759.78 — $962,963.42 to developer TPG Properties and $8,796.36 to the city for consultant fees and prior invoices.
The City of Denison Reinvestment Zone No. 1 board on July 30 received a financial update showing assessed-value growth since the zone’s creation and voted unanimously to approve reimbursements totaling $971,759.78.
The board’s senior accountant, Orlando Macedo, said, “per $100, about 28¢ of the city's m and o rate gets deposited into [the] TIF fund,” and that county contributions are “rounded up at 12¢ per $100.” Macedo told the board the zone’s assessed value has increased since its creation and that annual deposits into the fund have grown; he said deposits each year have reached about $963,652 and estimated end-of-zone value at roughly $583,304,841.
The update outlined historical…
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