TIRZ Board, Tom Green County Commissioners’ Court, and more.
TIRZ Board Meeting
On a busy Tuesday full of County Commissioners’ Court, high school basketball, and Angelo State events, one event stood out: the TIRZ Board Meeting.
TIRZ is short for Tax Increment Reinvestment Zone and is an economic development tool that uses projected increases in tax revenue to reinvest those funds into public improvements and projects that improves that zone. It is not an additional tax but establishes a base tax value in which any additional funds over that base tax value go directly into TIRZ funds to help redevelop that zone. Businesses and nonprofits can apply for funds to improve facade improvements, landscape installations, and paving among others.
In San Angelo, TIRZ began in 2006 in anticipation of the 29th street Walmart being built. Unlike most other TIRZ across the state, San Angelo’s is divided between a north and south zone.