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Zone No. 1 board approves tourist reimbursement agreement with Empire Industrial Park, sends plan to city council
Summary
The Reinvestment Zone No. 1 Board unanimously approved a tourist reimbursement agreement authorizing use of TIRZ revenues to reimburse or pay down a PID assessment tied to a bond for Empire Industrial Park LLC; the action is advisory and requires City of Eagle Pass Council approval.
The Reinvestment Zone No. 1 Board of Directors unanimously approved a tourist reimbursement agreement with Empire Industrial Park LLC and authorized the board chairperson or a designee to execute the agreement, subject to final approval by the Eagle Pass City Council.
Bond counsel Umberto Aguilar said the agreement would allow “the revenues collected by the TIRZ to be reimbursed or used to pay down an assessment that'll be levied in the PID, the public improvement district, and used to, to pay down those assessments for payment of a bond.” He told the board that the action before them is contingent on the city council’s decision.
Board members discussed a potential conflict with authorizing the chairperson to execute the agreement and agreed to authorize the vice chair as the designee to sign if the council approves. A motion to approve the item passed unanimously.
The board noted its advisory role: final authority on the agreement and related bond issuance rests with the City of Eagle Pass City Council, which had the same item on its evening agenda. The board’s approval authorizes a TIRZ representative to execute the agreement only if council moves forward.
The board took the vote by voice; members present had been identified at roll call earlier in the meeting. The agreement and the board authorization will go to the city council for final action.
