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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 assessed-value figures and prior payments from the fund. Macedo said the developer submitted prior invoices and a current reimbursement request totaling $962,963.42; the city also asked for reimbursement of $8,796.36 for consultant fees related to review of the larger invoice package. Macedo told the board the fund’s bank balance — including recent interest — was $975,065.73 when he prepared the slide materials.
During discussion board members asked for clarifications about project costs and credits. A board member asked about a $300,000 park-dedication credit; Macedo said the credit was part of the developer’s development agreement and noted it was being applied as land credit under that agreement. Macedo also said the zone has paid out about $2,758,000 to date and that previously approved invoices from 2022 were part of the reimbursement request before the board.
The board first approved the consent agenda, including minutes from the July 30, 2024 packet with one correction to the adjournment time on page 2 (changed from 12:05 a.m. to 12:05 p.m.). Later the board took formal action to approve the disbursement package as presented by Macedo — authorizing $962,963.42 to developer TPG Properties and $8,796.36 to the City of Denison for consultant fees — and the motions carried unanimously.
Votes at a glance - Consent agenda (minutes correction to adjournment time on page 2 to 12:05 p.m.): Motion by Judge Dawson; second by Councilman Thorn; outcome: approved unanimously. - Disbursement approval (authorize reimbursements totaling $971,759.78: $962,963.42 to TPG Properties; $8,796.36 to City of Denison): Motion and second not identified in the transcript; outcome: approved unanimously.
Why this matters: Tax increment reinvestment zones (TIRZ) redirect a portion of property tax growth to fund public improvements and reimburse developers for eligible project costs. The board’s approval releases both previously approved invoices and consultant-reviewed reimbursements that will reduce the TIRZ fund balance and affect future available deposits.
The board adjourned at about 2:11 p.m.
