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Santa Fe holds public hearing on proposed tax increment reinvestment zone for Megatel development
Summary
The City of Santa Fe held a public hearing Jan. 23 on a proposed tax increment reinvestment zone tied to the Megatel/Laguna Azure development; the hearing will remain open while staff and the developer complete a preliminary project and finance plan.
The City of Santa Fe held a public hearing Jan. 23 on a proposed tax increment reinvestment zone — commonly called a TIRZ — covering property tied to the Megatel/Laguna Azure development, city staff and consultants said.
City Manager Alan introduced the item and invited outside consultants to explain the TIRZ process. Andrea Barnes of P3Works, who is serving as the city’s TIRZ administrator, told the council the hearing is required under state law and that the preliminary project and finance plan is not yet complete because the developer has not provided all materials.
Barnes outlined how a TIRZ functions under the Texas Tax Code: the…
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