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Reinvestment Zone No. 1 board adopts final TIRZ project and finance plan; plan moves to city council
Summary
The board unanimously adopted the final tax increment reinvestment zone (TIRZ) No.1 project and finance plan, which finalizes boundaries, tax increment rates and the related PID assessments; staff said the plan was required under the tax code and will be considered by the City of Eagle Pass Council the same evening.
The Reinvestment Zone No. 1 Board of Directors unanimously adopted the final tax increment reinvestment zone (TIRZ) No. 1 project and finance plan and forwarded it to the City of Eagle Pass Council for final action.
Mary Petty, a staff member participating remotely, told the board the final plan “finalizes the components” of the earlier preliminary plan, keeps the original boundaries and maintains the same tax increment rates from the county and the city, and memorializes terms tied to the PID and associated assessments. She said the final plan is required under the tax code for the board to complete actions that permit incremental tax transfers as development occurs.
Petty said several final agreements, including those tied to the Public Improvement District, had been negotiated and that the plan reflects those agreements. Board members asked no substantive questions and moved to approve the final plan by voice vote; the motion passed unanimously. The board emphasized that its approval is part of the local approval process and that the City Council would also consider the same final plan that evening.
The board adjourned after recording the vote. No dollar amounts, implementation dates or reporting requirements were discussed in the meeting record.
