Following a public hearing at Monday’s City Council meeting, the City Council approved an ordinance that expands the boundaries of the City’s Tax Increment Reinvestment Zone (TIRZ) #1, amending the Zone’s project and financing plan. TIRZ #1, which has included the US 75 corridor from Campbell Road to south of Spring Valley Road, and Spring Valley Road from US 75 to Coit Road, will now also include:

  • 7 acres near Lindale Lane/Inge Drive (Lockwood District)
  • 3 acres near Floyd Road/James Drive (near Richardson Restaurant Park)
  • 35 acres near Plano Road/Apollo Road (the City’s Apollo Road Property)
  • 790 acres in the IQ® (Collins/Arapaho redevelopment area)

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 in the zone on public infrastructure improvements and other economic development initiatives (a funding method known as Tax Increment Financing).

Video: https://richardsontx.swagit.com/e/01262021-713/10/

Website: www.cor.net/propertytax