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Bonham council designates two reinvestment zones to support planned development
Summary
After presentations from MuniCap, the Bonham City Council unanimously approved ordinances establishing Reinvestment Zone Number One and Reinvestment Zone Number Two; the TIRZ structure described a Chapter 380-style rebate cap and activation only after taxable value is generated.
The Bonham City Council on Oct. 13 approved ordinances designating two reinvestment zones to support planned development, following a presentation by consultant Jennifer Sloan of MuniCap and a public hearing.
Sloan explained the mechanism the city and its development partner will use to capture future tax increments (described in the minutes as a Chapter 380-style grant). She…
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