Tax Increment Reinvestment Zones

TIRZ stands for the Tax Increment Reinvestment Zone.

The program set 2016 property tax values as the base and anything above that generates a match from the city and county.  As we see our property values rise, then we see more money coming into the TIRZ for projects. 

 

The 4 key projects include:

1. RR 12 at Hwy 290 - flood/drainage correction

2. The new Town Center

3. Old Fitzhugh improvements - sidewalks, street lights, and drainage

4. Parking for downtown

 

The Town Center project is proposed on the 14 acres of land owned by the school district.  Development would include city hall, the library, retail and possibly the school district offices (however, passage of the bond may change that).  The concept was approved at the end of 2017 and now market studies are being conducted.  The size of city hall needs to double and the library needs 30-35K square feet and they want to be up front in the center.  The county tax office is expected to be in the new Town Center, but the law enforcement station would stay on Roger Hanks Parkway.   The vision is to create a civic complex with shared resources and commercial uses.  450 parking spaces are planned and drainage with holding ponds have been considered. 

 

This is designed as a public/private partnership.  It is still in the vision stage with the concept approved.  Now seeking private sector developer input.  The TIRZ meetings are the 1st Monday of every month at 4 pm.