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TIRZ No. 5 balance $1.54 million; deposits rising at about 15% annually
Summary
At its May meeting, the Tax Increment Reinvestment Zone No. 5 received a financial update reporting a current balance of $1,543,761 and that annual deposits have been increasing, with an average gross rate of about 15% year over year.
At its May meeting, the Tax Increment Reinvestment Zone No. 5 heard a financial update showing a current balance of $1,543,761.
Mister Macedo, a staff member presenting the report, said the zone’s deposits have increased each year and that “it calculated that we have an average gross rate of 15% year after year.” He said the zone covers areas along Highway 75 and the northern part of Denison.
The update noted the balance and deposit history but did not include a request for action. Board members did not ask follow-up questions during the item, and the meeting moved on to subsequent agenda items.
The figures are intended to show the growth of the zone’s tax-increment revenues available for capital public improvements within the TIRZ boundary.
