Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance TIRZ topic
No spam. Unsubscribe anytime.
Council approves first reading to extend TIRZ No. 1, phase down city contribution
Summary
At a public hearing on March 24, Mission staff and council discussed extending Mission Redevelopment Authority TIRZ No. 1 by 15 years and reducing the city's tax increment contribution in 5% steps until it reaches 50%; council approved the first reading unanimously and cited potential bond issuances for redevelopment.
City staff opened a public hearing March 24 on a proposal to extend the term of the Mission Redevelopment Authority Tax Increment Reinvestment Zone No. 1 by 15 years and to modify the City of Mission's tax increment contribution. The proposal would phase down the city's contribution by five‑percentage‑point increments until it reaches 50% over the 15‑year extension.
Staff described the intended purpose: to continue supporting redevelopment projects and related infrastructure within the zone. Staff also cited projected financing scenarios, including a potential 2026 bond issuance of about $17 million and a possible later issuance around 2031 of approximately $39 million to fund projects within the zone.
The hearing was opened for public comment; no members of the public came forward. The council then approved the ordinance on first reading (amending Ordinance 2683) by unanimous voice vote and directed staff to proceed with the public‑process steps required for subsequent readings and final action.
What happens next: because this was a first reading, the council has not yet adopted the amendment as final ordinance language; subsequent hearings/reading(s) and final action will be scheduled per statutory notice requirements.
