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Council hears proposed 30‑year TIRZ for Addison Junction; staff seeks boundary and participation direction
Summary
Staff outlined a proposed 30‑year Tax Increment Reinvestment Zone (TIRZ/TIF) for Addison Junction, including boundary options, projected tax‑increment scenarios and possible DART participation via an interlocal agreement; council members voiced support for a smaller 'red' boundary and raised concerns about participation rates, administrative costs and long‑term impact on the general fund.
Wayne Emerson, the town's director of economic development, briefed the council on a proposed Tax Increment Reinvestment Zone (TIRZ) for the Addison Junction transit‑oriented development and related areas. He told the council a TIRZ is not a new tax on development but a mechanism to redirect a portion of incremental taxes generated within a defined boundary into a fund for targeted reinvestment.
Emerson described three boundary options (red, orange, yellow) and preliminary finance projections: across all taxing entities staff projected nearly $1 billion in incremental tax value over 30 years and roughly $300 million attributable to the town's share. Under sample…
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