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Colleyville holds first reading to amend TIF No. 1 plan, extending term to 2055 and projecting $148M in incremental revenue
Summary
Colleyville held a first reading Nov. 5 on an amended project-and-financing plan for Tax Increment Reinvestment Zone No. 1 that would extend the TIF to Dec. 31, 2055 and add new corridor areas (designated TIF 1B) with a 2025 base year.
The Colleyville City Council on Nov. 5 held a first reading and public hearing on an amended project-and-financing plan for Tax Increment Reinvestment Zone (TIF) No. 1 that would extend the zone's term to Dec. 31, 2055 and add noncontiguous corridors designated as TIF 1B with a 2025 base year.
Natalie Ayala of Pettit & Ayala Consulting, the city's TIF consultant, told the council the amendment does not change the city's participation rate (the city remains committed to 100% of its real-property increment within the TIF) and that the city's projected share of new incremental revenue over the extended term is roughly $117 million, with approximately $3 million anticipated from Tarrant County College and about $28 million from GCISD, for an overall projection just under $147.7…
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