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Mission council extends TIRZ to 2045, clears way for roughly $22 million bond for infrastructure
Summary
The City of Mission unanimously approved a 15-year extension of its Tax Increment Reinvestment Zone (TIRZ), reducing the city's participation from 100% to 50% of levy inside the zone and enabling an estimated $22 million initial bond to fund roads, drainage and water projects.
The City of Mission on Jan. 13 unanimously voted to extend its Tax Increment Reinvestment Zone (TIRZ) by 15 years, moving the expiration from Dec. 31, 2030, to Dec. 31, 2045, and changing the city's participation from 100% to 50% of the levy inside the zone.
City staff told the council the extension would create an initial borrowing capacity of about $22 million to fund a package of capital projects listed in staff materials. "The resulting TIRZ extension…
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