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Board hears TIRZ overview, staff and consultant stress policy guardrails and debt safeguards
Summary
Consultant Dina Megan reviewed how the city's tax reinvestment zone (governed by Chapter 311 of the Texas Tax Code) funds public infrastructure, described eligible projects and reimbursement tools, and answered board questions about a recent spike in captured value and bond coverage. The board later accepted the financial reports.
Dina Megan, a consultant with Hill and Associates, told the board the city's tax reinvestment zone is a financing tool governed by Chapter 311 of the Texas Tax Code and is meant to fund public infrastructure in underdeveloped areas, not to create a new property tax. "It is not a new tax," Megan said, describing the zone as "an implementation tool" the city can use to support projects that otherwise would not occur.
Megan outlined eligible uses including public water, sewer, drainage, parks and public facilities, along with related soft costs such as planning and engineering. She explained that cities may also use chapter 380 agreements to return increment to developers in cases where a project lacks sufficient public…
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