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Council adopts amendment to Reinvestment Zone No. 1 to expand boundary and project plan
Summary
The council adopted Ordinance 02025-51 to amend Reinvestment Zone No. 1 (TIRZ 1), adjusting boundaries and an updated project and finance plan that shows a new base value and projected growth to roughly $603 million.
The Weatherford City Council adopted Ordinance 02025-51, amending the boundaries and project and finance plan for Reinvestment Zone No. 1 (TIRZ 1). Consultant Jordan Sawyer (p3 Works) told the council the amendment adjusts the zone's northern boundary, adds undeveloped southern acreage to the base value, and updates a list of eligible public projects.
Sawyer described the financial case for the change: "Again, I think we're projecting about $603,000,000 worth of value in this area," and said the revised base value in the feasibility study is roughly $104,000,000. The consultant estimated the amendment could generate about $45,000,000 in additional property taxes over the life of the zone, with roughly $16,000,000 anticipated to be retained by the city and approximately $182,000,000 in public‑improvement costs listed in the plan.
No members of the public spoke at the hearing on the ordinance. The council moved for approval (motion by Heidi Wilder, second by Mayor Pro Tem Smith) and approved the ordinance by electronic vote. The plan presented to council matched the version reviewed earlier by the TIRZ board.
