All Posts By

Natalie Moore

2018 – Kerrville Council debates Tax Increment Reinvestment Zone, passes budget

By | Uncategorized | No Comments

In 2018, David Pettit Economic Development was hired by the City of Kerrville to create the City’s first ever Tax Increment Reinvestment Zone.

Source: Hill Country Community Journal

“Consultant David Pettit returned to council Sept. 11 for the first reading of an ordinance to designate “a contiguous geographic area” in the city, downtown, to be known as “Reinvestment Zone Number One, City of Kerrville.”

Councilman Vincent Voelkel declared he had a conflict of interest and was excused from the discussion. The reception Pettit got after that was varied.

Pettit told council tax increment financing is used in more than 310 TIRZs in Texas; that they attract new development, facilitate investment, and bring excitement and energy to the designated areas.

“This is not money you are currently receiving. Imagine an area, and there’s new growth there. That money pays for improvements in the zone,” Pettit said. “It has to be new investment.”

A “creation ordinance” is first, followed by a TIF board, TIF projects, and a finance plan. He said he conservatively sees about $17 million gross in project costs in the 475-plus acre downtown Kerrville area. When approved, the city council is the TIF board until a separate board can be appointed.”

2018 – Council approves tax zone development in northwest El Paso

By | Uncategorized | No Comments

In 2018, DPED worked with City of El Paso staff as their consultant to get three Tax Increment Reinvestment Zones passed by City Council.

Source: KFOX 14

“El Paso City Council members voted to pass the controversial Tax Increment Reinvestment Zones to develop an area near the Franklin Mountains in northwest El Paso. The zone is about 1,007 acres.

The city said TIRZ 12 is located near Transmountain Road on the far Westside. Under its approved project and financing plan, the city said they will redirect or contribute 33 percent of incremental property tax revenues to the TIRZ 12 fund, and the other 67 percent to the City’s general fund.

City said TIRZ 10 is located on the far Westside and consists of approximately 3,922 acres of land running north along the eastern boundary of Interstate 10 near Paseo del Norte. TIRZ 10 was initially created in December of 2017, however was expanded in late May for the purpose of providing funding for needed stormwater infrastructure in the area. For the expansion, the City will contribute 33 percent of its incremental property tax revenues over the term Zone.

The city said TIRZ 11 consists of approximately 50 acres in the Northeast and will be one of many financing tools used to spur private development at the Cohen site. The City will redirect 100 percent of its incremental property tax revenues from TIRZ 11 to fund various public improvements such as stormwater, open space, parks and recreation facilities, streets and intersections, and water and wastewater infrastructure.”