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Commissioners approve participation in Brownsville TIRZ No.3 project and finance plan
Summary
The court agreed to participate in the City of Brownsville Tax Increment Reinvestment Zone No. 3 at 75% of the M&O tax rate for 25 years with a $30 million county cap; staff projected about $265 million in incremental taxable value tied to riverfront development.
County staff presented the project and finance plan for City of Brownsville Tax Increment Reinvestment Zone No.3 and recommended county participation. Staff said the county's participation would be 75% of the maintenance and operations (M&O) tax rate for 25 years with a $30 million cap; the project plan included an estimated $265 million incremental taxable value associated with riverfront development and projected available revenues of about $70 million for eligible infrastructure projects.
Commissioners asked clarifying questions about the plan and staff confirmed the city and TIRZ board had approved the plan; the court moved to approve the county’s participation and the motion carried. Staff indicated the city would consider the plan later the same day and, once both city and county approve, the TIRZ board can consider projects for funding.
