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Corinth council adopts ordinance to terminate Tax Increment Reinvestment Zone No. 3
Summary
The Corinth City Council voted July 2 to terminate Tax Increment Reinvestment Zone (TIRZ) No. 3, dissolving its board and tax increment fund; city staff said the zone has no active projects and holds about $400,000 that would return to the city if the county approves termination.
The Corinth City Council voted July 2, 2026, to adopt Ordinance No. 26-07-02-21 terminating Tax Increment Reinvestment Zone No. 3, dissolving its board of directors and the associated tax increment fund.
City staff presenter Melissa Daley described the zone’s boundary — which includes Ashford Park and areas around Long Lake and Canyon Lake Ranch — and said TIRZ 3 was created in March 2021. Daley told the council there are currently no projects or outstanding obligations in the zone and that the current TIRZ 3 balance is “a little under $400,000.” She said that if the county approves termination, those funds would be returned to the city.
The council opened a public hearing under Chapter 311 of the Texas Tax Code, solicited testimony and received none before closing the hearing. A council member moved to approve the ordinance; the motion was seconded by Councilwoman Riel and the motion passed.
Daley also noted that a Chapter 380 agreement could offer similar incentives for future development, a point she raised in explaining options for the remaining undeveloped land in the area. The council’s action dissolves the zone and the board and directs administration to implement the termination per the ordinance.
The ordinance was approved on first and final reading during the July 2 meeting; no public speakers spoke in opposition or support during the hearing.
