Tax Increment Reinvestment Zone (TIRZ)
The Tax Increment Reinvestment Zone, or TIRZ, was created in 2006 to preserve the near- and long-term integrity of the economic and social investment in the designated area and to encourage additional new projects within that area. The TIRZ board makes recommendations related to that mission and those efforts to the City Council. The TIRZ board was reorganized by ordinance on May 18, 2016. The details of the new TIRZ board are outlined below.
The TIRZ district has two eligibility areas for incentives: the TIRZ-North and the TIRZ-South. Within these areas, a variety of incentive types are available to encourage revitalization and infill development of properties in these key locations. Please click here to review the TIRZ South Policy and here to review the TIRZ North Policy to see if your business or property qualifies. The next window cycle for both the North and South zones will open on November 2nd, 2020 and the application and all related documents must be turned into Shannon Scott in the Economic Development Department by January 1st, 2021. Click here for a copy of the South TIRZ application and here for a copy of the North TIRZ application. Attached here is a sample budget worksheet, and here is a blank budget worksheet, which also must be turned in as part of the incentives application packet. Please contact Shannon Scott at 325-653-7197 for more information on the TIRZ Program.
- Leverage investment
- Lower the cost of doing business
- Incentivize property owners choosing to improve commercial/retail/industrial properties
- Preserve the architectural and historical character of buildings and corridors
- Façade Improvement
- Landscape Installation
- Historic Preservation
- Outside Storage Screening
- Secondary Egress
- Asbestos Abatement
- Fire Sprinkler & Monitored Smoke Alarm System Installation
- Sales Tax/Property Tax Rebate
- Job Creation
- Development Fee Reductions
Does the Project:
- Provide connections between activities?
- Improve pedestrian & vehicular infrastructure?
- Provide or reinforce usable & defined open space?
- Strengthen the focus area’s identity?
- Support the goals of making the area a cultureal, leaisure, and tourist destination?
- Improve the utilities and/or drainage infrastructure?
- Remediate environmental deficiencies or enhance public safety?
- Promote mixed-use development?
- Utilize architectural styles that compliment to historic areas already in existence?
- Help to mitigate or eliminate undesirable views or outside storage?
- Reduce the visual impact of parking areas?
- Preserve or provide natural landscaping?
- Implement environmentally friendly features, such as green building materials, rainwater harvest, or low-energy heating and cooling?
- Include an aggressive match by the applicant, in excess of what is minimally required?
For additional information contact Shannon Scott.