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Flower Mound TIRS board reviews annual report, affirms $50 million target for proposed community arts center
Summary
The Flower Mound tax increment reinvestment zone (TIRS) board received its annual report, approved the report, and discussed plans to use roughly $50 million in TIRS proceeds toward a proposed community arts center at Riverwalk; board members asked about finances, parking and timeline.
The Flower Mound TIRS board on March 1 received its annual financial update, approved the report, and discussed plans to direct future TIRS (tax increment reinvestment) proceeds toward a proposed community arts center at the Riverwalk.
The board approved the annual report by unanimous vote after a presentation from Ray Watson and Mary Petty. Mary Petty, the town’s TIRS administrator with T3 Works, said the town and Denton County have executed an amended participation agreement and that the extended TIRS is expected to generate roughly $50 million for the proposed community arts facility over the next five years.
The annual report presented a snapshot of the fund. Ray Watson summarized preliminary fiscal-year results, saying the fund reported roughly $25 million in cash and investments before liabilities. A finance staff member identified…
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