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Council approves expansion and amendment to TIRZ 1 to create TIRZ 1A, projecting about $154M in incremental revenue through 2055
Summary
Council approved an amendment to Tax Increment Reinvestment Zone 1 to create TIRZ 1A with expanded boundaries and a term to 2055; consultant Natalie Ayala described projected 2041 taxable value of $996 million and combined city/county participation totaling roughly $154 million allocated to public improvements in eligible project buckets.
The City Council unanimously approved an amendment to the creation ordinance for Tax Increment Reinvestment Zone (TIRZ) 1, establishing a new TIRZ 1A with expanded boundaries, a 2025 base year for new areas and a term that extends to Dec. 31, 2055.
Consultant Natalie Ayala (Petit and Ayala Consulting) told council that TIRZ 1A would encompass approximately 1,688 acres (about 917 acres in the extraterritorial jurisdiction and the remainder…
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