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Council approves Tax Increment Reinvestment Zone 2 plan; next steps include negotiation with HOA
Summary
Council voted to approve the project plan and financing plan for TIRZ (Tax Increment Reinvestment Zone) No. 2 covering Omega Bay; the zone aims to use tax increments to repair private roads, subject to negotiations with the homeowners association about access or easements.
La Marque city council on Aug. 11 approved an ordinance creating and approving the project plan and reinvestment financing plan for Tax Increment Reinvestment Zone (TIRZ) No. 2, a plan aimed at using tax-increment revenues to fund reconstruction of streets in the Omega Bay subdivision.
Why it matters: TIRZ financing captures the increase in property-tax revenue from development inside a defined zone and directs those increments toward public improvements inside that zone. Council members, TIRZ board representatives and residents discussed how the program can be used to repair or reconstruct private roads in Omega Bay, and what legal arrangements would be necessary to allow public expenditure on that infrastructure.
Board…
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