|
|
Tax Increment Reinvestment Zone (TIRZ) Advisory Board
The 14-person board began meeting in September 2007. Ten members of the board were appointed by Mayor John Cook. The remaining four represent other taxing entities in the TIRZ (the Downtown Management District, El Paso County, El Paso Community College and Thomason Hospital). The TIRZ is a method of funding public investments in an area slated for redevelopment by recapturing, for a time, all or a portion of the increased tax revenue that may result if the redevelopment stimulates private investment.
Downtown Property Values
| |
| Valuation Market Values |
2006 Base Year |
2008 ** |
Percent Difference |
| Original TIRZ |
$109,104,484 |
$179,726,151 |
43.98% |
| TIRZ Addition * |
$211,016,795 |
$269,990,741 |
45.06% |
| Total: |
$320,121,279 |
$445,716,892 |
44.64% |
|
|
| |
* — portion added to the TIRZ by Council action in Dec. 2007
** — Not yet certified (as of Aug. 2008)
|
|
|
print-version