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Fredericksburg council schedules public hearing on tourist reinvestment zone after debate over timing and costs
Summary
The Fredericksburg City Council voted to hold a public hearing on creating a tax-increment reinvestment zone (TERS) after a consultant said a 50% increment could generate funds for downtown projects; councilors expressed split views about rushing to lock a 2024 base year and potential long-term impacts on the general fund.
Fredericksburg — The City Council voted to call a public hearing to consider establishing a tourist reinvestment zone (TERS) after a consultant told the council the measure could generate incremental tax revenue for downtown projects.
Consultant Travis James presented a feasibility report saying a 50% capture of incremental growth in the proposed zone could produce a dedicated account to fund public restrooms, sidewalk and lighting improvements, relocation of overhead utilities and parking projects. He described a model in which the zone’s growth above a $282 million base would be split…
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