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Council hears P3 Works presentation on public improvement districts and tax increment zones
Summary
A P3 Works representative briefed Joshua City Council on how public improvement districts (PIDs) and tax increment reinvestment zones (TIRZ) can finance infrastructure for development; council members asked about assessment distribution, foreclosure risk, developer contributions and local examples including Joshua Station.
P3 Works gave a detailed primer to the Joshua City Council on Tuesday night about public improvement districts and tax increment reinvestment zones as tools cities use to finance infrastructure for new development.
George Sawyer, regional director at P3 Works, told the council a PID is a city-created financing mechanism that allows an identified area to be assessed for specific improvements. He said assessments typically are flat by lot class (for example, by lot width) and are used either to reimburse developers or to service bonds used to pay for roads, utilities and other infrastructure. "Assessments are used to make debt service on bonds or reimburse back to the developers specifically," Sawyer said.
Sawyer described several structures: pay-as-you-go PIDs that collect assessments as…
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