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Bonham approves downtown reinvestment zone agreement to include Fannin County
Summary
Council approved an ordinance authorizing a participation agreement with Fannin County for Reinvestment Zone Number Three, projecting about $74.1M in incremental tax revenue to be shared between the city and county over the zone's life; council voted unanimously.
The Bonham City Council on July 13 adopted an ordinance approving bylaws for Reinvestment Zone Number Three and authorized an intergovernmental agreement for Fannin County participation. City Manager Sean Pate told council members the downtown TIRZ is projected to produce approximately $74.1 million in incremental tax revenues over its life; based on current tax‑rate assumptions, about 61.1% of those revenues would flow to the City of Bonham and 38.9% to Fannin County.
Pate said the county requested an additional representative on the zone board; council approved the bylaws and the participation agreement (motion by Kevin Hayes, second by Ernie Quintana) by a 6‑0 vote. The ordinance adopts the final Project and Finance Plan for the zone and authorizes execution of related documents.
Council did not record public comment in opposition at the meeting; staff indicated the bylaws follow the structure used for the city's earlier TIRZ districts.
