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Mission council approves 15-year TIRZ extension to fund $22 million in infrastructure projects
Summary
The City of Mission voted unanimously Jan. 13 to extend its Tax Increment Reinvestment Zone to Dec. 31, 2045, and to shift city participation in the zone from 100% to 50% of the local levy, unlocking roughly $22 million in initial bond capacity for specified street, drainage and water projects.
The City of Mission on Jan. 13 approved extending its Tax Increment Reinvestment Zone (TIRZ) by 15 years, moving the zone’s expiration from Dec. 31, 2030, to Dec. 31, 2045, and changing the city’s participation in the zone from 100% to 50% of its property tax levy in the zone.
Interim city staff and financial advisers told the council the extension would create an initial bond capacity of about $22,000,000 to pay for a…
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