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Council approves TIRZ amendments to fund Walsam Road, increases zone participation from 70% to 85%
Summary
The City Council on April 15 approved amendments to Project Converse Moving Forward Tax Increment Reinvestment Zone No.1 to increase local participation to 85 percent and fund completion of Walsam Road and the FM 1516 intersection.
The City Council on April 15 approved three ordinances amending the Project Converse Moving Forward Tax Increment Reinvestment Zone (TIRZ No. 1) to increase the city’s participation rate in the TIRZ from 70 percent to 85 percent and to make additional funding available to complete Walsam Road (formerly Benzingleman Road) and the intersection improvements at FM 1516/East Loop 1604.
City Manager Lanny Lambert briefed the council that the change will increase TIRZ participation and produce roughly $150,000 per year more in the near term, money identified to cover higher construction costs for the intersection, road completion and condemnation costs needed to acquire right of way. Daniel Ortiz, an…
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