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Council approves first reading of TIF financing amendment and $124.49M revenue bonds plan
Summary
Council held first reading and approved a financing-plan amendment for Reinvestment Zone No. 1 that updates FY2026 increments and contemplates TERS revenue bonds (~$124.49M) to fund infrastructure projects including Old Howard Road and industrial-park improvements.
City financial staff presented a financing and project-plan amendment for Reinvestment Zone No. 1 (a Tax Increment Financing district) that updates FY2026 increment estimates and reallocates funds to projects and operating needs. The amendment is a first reading; staff said bond sale award and authorization will be considered at upcoming meetings.
Miss Bernard said the amendment adds about $1.9 million to the FY2026 increment and would support planned bond proceeds, project reallocations and land purchases. The packet shows planned TERS revenue bonds series 2026 of approximately $124,490,000 to be sold later this month; staff said the bonds would have a 25-year term with average annual debt service of about $9.2 million and that credit-rating work and insurance would be completed before sale.
Projects flagged for funding include major infrastructure in the Temple Industrial Park and Old Howard Road projects listed in the financing plan and master-plan projects. Staff said the financing plan also includes adjustments for operating expenditures, rebates, an HEB distribution correction, funding for a 2050 master plan and capital-project managers and engineers for delivery.
After presentation and public comment, the council approved the item on first reading by unanimous vote. Staff said final sale award and bond-closing actions are scheduled for August meetings.
