Liberty Hill DRC hears TIRZ plan that could generate about $30 million for downtown

At its Aug. 26 meeting, the Liberty Hill Downtown Revitalization Committee heard a staff update on a proposed tax increment reinvestment zone that officials say would dedicate increment revenue to downtown revitalization.

Mike, a committee presenter, told members the tool would capture 50% of the property-value increase inside the TIRZ boundary for a dedicated revitalization fund. “By the end of 30 years, we expect to have about $30,000,000 in the [TIRZ] fund,” he said. Staff said the consultant and the city's finance team will present a long-range project list at the next meeting so the committee can comment on which priority items should go into the TIRZ project plan.

Committee chair Kristen said she expects the DRC’s priorities list to feed directly into the TIRZ project plan and asked members to return suggested refinements before the next meeting. The committee agreed the DRC should help shape a concise, actionable project list that staff and the consultant can cost and sequence.

The presentation framed the TIRZ as an implementation tool for items already identified in the downtown master plan rather than a source of entirely new programs. Staff cautioned that projections depend on future property-value growth within the boundary and that the TIRZ would operate for the term staff described, with details to be presented by the consultant and finance staff.

Next steps: the consultant and finance staff are scheduled to present the detailed TIRZ project plan at the committee’s next meeting; members were asked to review and tighten the DRC priorities list in advance.