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McKinney TIRZ 1 report shows about $100 million jump in captured value; board reviews finances
Summary
City staff presented the Tax Increment Reinvestment Zone (TIRZ) No. 1 fiscal 2023–24 annual report showing roughly $100 million growth in captured value, $26.7 million fund balance and $15.87 million outstanding debt; the board received the report as information and approved prior meeting minutes unanimously.
Chance Miller, the City of McKinney assistant finance director, presented the fiscal year 2023–24 annual report for Tax Increment Reinvestment Zone No. 1 during the March board meeting, saying the report is informational and required to be filed with the state comptroller.
"There is nothing to act on. We are required by the state to file this with the comptroller once a year," Miller said as he introduced the report.
The report showed substantial year-over-year growth in the zone’s captured value: the TIRZ base value remains $209,000,000, while the net taxable value rose to $792,800,000, producing a captured value of about $582,000,000 compared with $487,000,000 the prior year — an increase of roughly $100 million. Collin County’s captured value for the zone also rose to about $562,000,000 from $471,000,000 the previous year.
Miller summarized revenue and…
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