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TIRZ No. 1 board approves Weatherford Local Government Corporation and interlocal agreement
Summary
At a meeting called at 5:00 p.m., the Tax Increment Reinvestment Zone No. 1 board approved Resolution R2026-02 to create the Weatherford Local Government Corporation No. 1 and separately approved an interlocal cooperation agreement to govern its relationship with the city and the TIRZ. City staff said the nonprofit entity would be city-controlled, subject to audits, and would require council approval for any debt or future projects.
The Tax Increment Reinvestment Zone No. 1 board approved a resolution to create the Weatherford Local Government Corporation No. 1 and an accompanying interlocal cooperation agreement at a meeting that began at 5:00 p.m.
Ashley Seiler, director of economic development, told the board the proposed local government corporation, or LGC, is a city-created nonprofit intended as a financing and development tool to support economic development within the TIRZ No. 1. "An LGC does not remove council authority. It does not bypass transparency requirements and it does not obligate the city to any project or expenditure," Seiler said,…
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