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Commission hears first reading of Tax Increment Reinvestment Zone No. 3 project and financing plan
Summary
Consultant Natalie Ayala presented the project and financing plan for TIRS (Tax Increment Reinvestment Zone) No. 3 covering roughly 200 acres in southern Kingsville; the zone has a 30-year term and the city’s participation rate is 50% of real property increments. The item was introduced for formal consideration on Feb. 10.
The Kingsville City Commission received a first reading of the project and financing plan for Tax Increment Reinvestment Zone (TIRS) No. 3 on Monday.
Natalie Ayala of Pettit and Ayala Consulting told the commission the zone covers approximately 200 acres, is noncontiguous and includes the South Wastewater Treatment Facility. She said the zone was created in December 2024 with Jan. 1, 2024 as the base year and a 30-year term. The city’s participation…
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