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El Paso assigns Transportation Reinvestment Zone funds to Camino Real RMA for Borderland Expressway phase; vote split
Summary
The City Council approved a resolution assigning TRZ No. 3 incremental tax proceeds to the Camino Real Regional Mobility Authority for work on the Borderland (Northeast) Expressway, a long-discussed corridor project, after a 5-3 vote Dec. 17.
El Paso City Council on Dec. 17 approved a resolution to assign tax-increment funds generated by Transportation Reinvestment Zone (TRZ) Number 3 to the Camino Real Regional Mobility Authority (CRRMA) for work on the Borderland (Northeast) Expressway project. The measure passed 5-3 after several councilmembers urged caution about committing local taxpayer increments to a state highway project.
Background and council discussion The TRZ No. 3 area has generated incremental property-tax revenues as development values have risen. Staff provided figures showing the TRZ generated approximately $1.6 million in the current year and that the CRRMA already held about $2.8 million in previously transferred TRZ proceeds. If the city did not act to assign the annual increment, staff said the…
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