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Weatherford board approves amendment to Reinvestment Zone No. 1 boundary and finance plan
Summary
The Tax Increment Reinvestment Zone No. 1 board approved an amendment to the zone's boundary and an amended and restated project-and-finance plan, adding projects and updating base values and cost estimates; consultant Jordan Sawyer described the changes and projections.
The Tax Increment Reinvestment Zone No. 1 board in Weatherford voted to approve an amendment to the zone's boundary and an amended and restated final project and finance plan. Jordan Sawyer, regional director for P3 Works, told the board, "So just kind of refresher, the TERS is really a tool that the subdivision can use to indicate where they wanna use specific funds." Sawyer's presentation framed the change as a boundary adjustment plus an expanded project list intended to capture development along the I-20 corridor.
The amendment updates the zone's base value and project estimates. Sawyer said the plan now reflects a base value of about $104,000,000 (the prior base cited in earlier materials was $50,000,000), adds approximately $165,000,000 in developmental value based on the 2016 estimate, and increases project costs by roughly $180,000,000. He also cited a feasibility study that conservatively projects about $600,000,000 in total value for the area and additional increment generation. The consultant noted the hospital district continues to participate in the original portion of the zone at 25%; the city's participation percentages set in 2016 remain in effect for the amended plan. A motion to approve the ordinance (Item 3A) was made and seconded, and the board voted to approve the amendment. After the vote the meeting moved to the citizen-comments portion of the agenda.
