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TIRS board approves contract to fund Sugar Land Town Square events as zone nears expiration
Summary
The TIRS board approved a contract with the Reinvestment Zone No. 1 and the Sugar Land Town Square Property Owners Association to continue funding plaza event programming. Presenter Theresa of Reedy's summarized attendance, revenue and sponsorship figures; board members questioned how roughly $344,000 in historical TIRS support would be replaced.
The TIRS board approved a contract with Reinvestment Zone No. 1 and the Sugar Land Town Square Property Owners Association Inc. to continue funding events and programming at Sugar Land Town Square after a presentation on the plaza’s recent activity and finances.
Theresa, a Reedy’s events representative, gave the presentation and described the Town Square program’s attendance, sponsorships and budget. “This will be our very last official presentation to the TIRS board,” she said, and reviewed attendance and revenue figures for concerts, markets and seasonal programming.
The presentation said Town Square programming began under a funding mechanism created in 1998 and that Reinvestment Zone No. 1 is set to expire at the end of this year. Theresa told the board the site’s assessed value rose from about $5.5 million (at an earlier point in development) to about $196 million in the latest appraisal and highlighted events that drew local and regional visitors, including a…
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