Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Bonham council adopts two TIRZ ordinances and economic development agreement
Summary
The Bonham City Council unanimously adopted ordinances creating and finalizing project/finance plans for Reinvestment Zones No. 1 and No. 2, and approved a TIRZ economic development agreement with Bonham Land Partners, LLC.
The Bonham City Council on Dec. 8 unanimously adopted ordinances establishing final project and finance plans and bylaws for Reinvestment Zone (TIRZ) Number One and Reinvestment Zone Number Two, and approved a corresponding economic development agreement with Bonham Land Partners, LLC.
City Manager Sean Pate told the council that the respective TIRZ boards reviewed the documents and recommended approval. Mayor John Burnett opened public hearings on both ordinances; no public comments were offered before the hearings were closed. City Attorney Courtney Morris read the caption of the TIRZ No. 2 ordinance before the council voted.
For TIRZ No. 1, Councilmember Allen Sanderson moved to adopt the ordinance, and Kevin Hayes seconded; the motion carried 5-0. For TIRZ No. 2, Clark Smith moved and Ernie Quintana seconded adoption of the ordinance that also approves a tax-increment economic development agreement with Bonham Land Partners, LLC; the motion likewise passed 5-0.
Why it matters: establishing these TIRZs finalizes the finance and project frameworks that allow the city and developers to use increment financing for eligible public improvements and private redevelopment within the designated zones. The council record shows the TIRZ boards recommended approval and no public opposition was recorded at the hearings.
What’s next: the adopted ordinances implement the zones and the TIRZ No. 2 agreement with Bonham Land Partners; the council did not attach additional conditions on the record at the Dec. 8 meeting.
