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McKinney TIRZ No. 2 posts sharper property and sales-tax growth; annual report presented to board
Summary
City staff presented the fiscal year 2023–24 Tax Increment Reinvestment Zone No. 2 (TIRZ No. 2) annual report showing strong increases in captured value, larger tax receipts and a fund balance of roughly $8.2 million; the presentation was informational only and no board action was required.
Chancellor Miller, assistant finance director for the City of McKinney, presented the fiscal year 2023–24 annual report for Tax Increment Reinvestment Zone No. 2 (TIRZ No. 2), telling the board the report is required by the state comptroller and is provided for information only.
The report shows the zone collected about $3.1 million in combined property and sales taxes in fiscal 2024 and $271,000 in interest income. Expenditures included roughly $35,000 in general and administrative costs and about $2.8 million spent on Taxiway A‑4. Miller told the board the zone has no outstanding debt.
Miller said property values within TIRZ No. 2 rose markedly since 2010. He reported total value in the zone was approximately $408 million in tax year 2023, producing a captured taxable value of about $290 million, up from $218 million the prior year.…
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