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Colleyville council extends and expands downtown TIF through 2055 to fund roads, parks and economic projects
Summary
The City Council approved a second-reading ordinance extending Tax Increment Reinvestment Zone (TIRZ/TIF) No. 1 through Dec. 2055 and expanding its boundaries to capture future tax increment revenue for public infrastructure and economic development projects.
Colleyville City Council approved a second-reading ordinance on Oct. 21 to extend and expand Tax Increment Reinvestment Zone No. 1 (TIF/TIRZ 1), resetting the expanded area’s base year and authorizing a planning update that the city says will fund roads, parks and other public improvements.
The ordinance passed on a 7-0 vote after a presentation from Assistant City Manager Mark Wood and the city’s TIF consultant, Natalie Ayala of Ayala Consulting. The expansion would establish a new subarea (referred to as TIRZ 1B) with a 2025 base year, allow the city to capture 100% of its future incremental real property tax growth inside the expanded boundaries, and extend the zone’s term through December 2055.
Why it matters: City staff and consultants said the TIF has funded a range of infrastructure and…
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