News Story

At its July 14 meeting, the City Council approved the creation of Tax Increment Reinvestment Zone (TIRZ) #1, a financing tool that can help fund future public improvements within the Addison Junction and Addison Circle area. A TIRZ does not create a new tax or increase the Town’s tax rate. Instead, it reinvests a portion of future property tax growth within the designated area into projects such as streets, sidewalks, parking, utilities, public spaces, and other infrastructure improvements that support redevelopment.

Under the TIRZ, a portion of future property tax growth would be reinvested in the district, while the remaining portion of property tax growth, sales tax, and hotel occupancy taxes would continue to support the Town’s General Fund. In addition, DART will participate in the TIRZ by contributing a portion of growth in sales tax revenue.

The newly created zone establishes the boundary, governance, and preliminary financing framework for the district. The next step is for the approval of the final Project and Financing Plan, which will identify specific projects eligible for funding.

<td column–1=“” scale=“” data-cpeid=“w-1784128271297-521” align=“center” valign=“top”>

<td column–1=“” scale=“” data-cpeid=“w-1784209632407-516” align=“center” valign=“top”>