Editor’s note: The Corpus Christi City Council did not discuss the proposed London TIRZ in its June 24 meeting. It is anticipated the item will be taken up at a later date.
City officials may move soon to substantially support burgeoning growth on its southernmost point — to the tune of more than $1 million.
The Corpus Christi City Council is expected to take up in June 24 discussions the creation of a tax increment reinvestment zone, known in shorthand as a TIRZ, that would contribute significant funding for new infrastructure within about 4,600 acres of the London area, according to records included in a meeting agenda.
A TIRZ works by establishing the boundaries of a “zone” where a portion of property taxes collected is allocated to certain improvements within the same zone.
The money set aside for reinvestment is drawn from a pool of increased property tax revenue, in theory stimulated by new development in the zone.
Under the proposal, the city would devote half of the tax increment into reinvestment — largely utilities and road infrastructure work, as well as parks — for as long as 25 years, according to an online presentation.
Tax increment revenue is anticipated to reach around $140 million over the same timespan, it states.
The property is shown in a city memo as being “predominantly undeveloped land.”
The idea, it states, is “to catalyze residential and commercial growth in one of the city’s growth corridors.”
It is estimated the zone will ultimately reach taxable worth of as much as $3 billion, the documents show.
Although the council is expected to discuss the formation of a potential TIRZ on June 23, creating it will require a future public hearing, as well as two votes, both anticipated for scheduling in July, according to the presentation.
City officials are also in talks with two other taxing entities, Nueces County and Del Mar College, about potential shared participation in the TIRZ, documents show.
This article originally appeared on Corpus Christi Caller Times: Corpus Christi may devote more than $1 million in future taxes to invest in London area
Reporting by Kirsten Crow, Corpus Christi Caller Times / Corpus Christi Caller Times
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