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Council adopts final project and financing plan for downtown tax increment reinvestment zone
Summary
The Midland City Council unanimously approved the final project and financing plan for Tax Increment Reinvestment Zone No. 2, clearing the way for a 30-year program to reinvest downtown tax increment in infrastructure and development projects.
The Midland City Council voted unanimously to adopt the final project and financing plan for Tax Increment Reinvestment Zone (TIRZ) No. 2, the downtown district created under Chapter 311 of the Texas Tax Code.
City staff said the TIRZ is intended to concentrate reinvestment in downtown Midland to spur private development and improvements such as parking, transit, pedestrian enhancements and public utilities. Staff emphasized the plan is a guideline: any specific expenditures from…
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