City staff updated the City Council Monday on the possible boundary expansion and project and financing plan amendment of the City’s Tax Increment Reinvestment Zone (TIRZ) #1, which currently includes the US 75 corridor from Campbell Road to south of Spring Valley Road, and Spring Valley Road from US 75 to Coit Road (see map below). The state tax code allows property tax collected in a TIRZ related to the increase in property valuations primarily from property improvements and new development to be reinvested for the zone on public infrastructure improvements and other economic development initiatives (a funding method known as Tax Increment Financing). The City is required to review and amend a TIRZ’s project and financing plan whenever its boundaries are changed.
Areas approved by the City’s TIF Board last month to be considered for addition to TIRZ #1 include:
- 7 acres near Lindale Lane/Inge Drive
- 3 acres near Floyd Road/James Drive
- 35 acres near Plano Road/Apollo Road
- 790 acres in the IQ®
A public hearing on the amended plan is scheduled for Jan. 25.