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Weatherford board approves amendment to Reinvestment Zone No. 2 project and financing plan
Summary
At its Dec. 16 meeting the TIRZ No. 2 board approved Ordinance 02025-52 to amend the zone's project list and the final project-and-financing plan (no boundary change). Consultant Jordan Sawyer said the amendment reflects updated project costs and estimated revenues.
The City of Weatherford Tax Increment Reinvestment Zone No. 2 board voted Dec. 16 to approve Ordinance 02025-52, amending the zone's project list and the final project-and-financing plan. The ordinance was moved by Heidi Waller and seconded by Mayor Pro Tem Zach Smith and carried following an electronic vote called by the Chair.
Jordan Sawyer, a consultant with P3 Works, told the board the amendment makes changes to the project and funding plan only and does not alter the TIRZ boundary. "Development values added about a $175,000,000 that generates about $42,000,000 again at those very conservative numbers. Of that 50% retained by the city," Sawyer said, while describing a public improvement cost estimate of $14,100,000.
Sawyer summarized the revised project list as focused on downtown and main-street improvements, calling out street updates, a downtown restroom and work on the Chamber of Commerce building. He described the list as a presentation of potential projects rather than a strict priority ordering and said the city's share reflects the sole participating taxing unit (50%).
Mayor Matt Leppler introduced Sawyer and confirmed the amendment is limited to project and funding changes; the TIRZ, created in 2018, is set to terminate in 2046 unless obligations are satisfied earlier or the zone is extended. The Chair opened the item for motion; after the second the board voted to approve the ordinance (the transcript does not record individual tallies).
The board also approved routine minutes earlier in the meeting. No members of the public spoke during the citizen comment period, and the Chair adjourned the meeting at 5:20 p.m.
