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Council accepts petition to create North Park TIF and schedules Oct. 8 creation hearing
Summary
Council accepted a petition to create a tax increment reinvestment zone (TIF/TIRS) for the North Park development area to support drainage, beautification and a small park; the council called a creation public hearing for Oct. 8 and a first reading Oct. 22; the motion passed 6‑0 with one recusal.
The Lubbock City Council accepted a petition to create a tax increment reinvestment zone (TIF/TIRS) for the North Park development area and scheduled a creation public hearing for Oct. 8 and the first reading for Oct. 22.
City Manager Atkinson described the TIF/TIRS concept under Texas Tax Code chapter 311: tax increment financing captures the growth in property tax revenue above a base level and returns that increment for public improvements within the zone. Atkinson said the petition covers roughly 333 acres bounded by Erskine, North Winston, The Loop and Frankford Avenue and that the initial project and finance plan focuses on drainage, beautification and a small park.
Atkinson told the council that TIFs do not increase property tax rates for owners; they reallocate the growth in future tax revenues within the zone for specified public improvements. The council voted to accept the petition and call the required public hearing and scheduled readings; the motion passed 6‑0 with council member Mr. Glasheen recused from the item.
