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Weslaco officials review draft Tax Increment Reinvestment Zone to pay for infrastructure
Summary
City commissioners reviewed a consultant’s preliminary Tax Increment Reinvestment Zone (TIRZ) plan covering about 3,000 acres and discussed capturing 50% of the city M&O tax increment, board composition, and a hearing schedule that would start with a posted notice in October.
Mayor Gonzales and the Weslaco City Commission on Tuesday reviewed a consultant’s draft plan to create a Tax Increment Reinvestment Zone (TIRZ) intended to finance streets, sidewalks and other infrastructure improvements.
Consultant presentation and scope: A consultant working with Travis James and Gov Solutions Consulting LLC described the draft TIRZ map and eligibility criteria, saying the proposed zone would cover roughly 3,000 acres and that current Hidalgo County appraisal data put taxable value inside the city at about $100 million, with another $20 million in the extraterritorial jurisdiction (ETJ). The consultant said the preliminary finance plan assumes the city would…
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