Details on the approved TIRZ
City Council voted to approve the creation of Tax Increment Reinvestment Zones (TIRZ) 11 and 12, and the expansion of TIRZ 10A in an effort to encourage new development and investment in specific areas of the community.
“The development of these TIRZs will help offset tax burden felt by many homeowners in the area. These zones will allow us to finance public improvements that will attract commercial development increasing our sales tax revenue and providing much needed relief to our residential taxpayers,” said Jessica Herrera, City of El Paso Economic and International Development Director.
TIRZ is a state program that allows municipalities to use taxes generated from new improvements to finance public improvements within the boundaries of the zone. All three TIRZ projects proposed by the City’s Economic and International Development Department aim to promote mixed-used development consisting of destination retail and entertainment through public improvements, while preserving open space, arroyos and trails.
The TIRZ revenue stream will fund public improvements within the zone’s boundaries. Some of the possible improvements include; drainage, roads, pedestrian pathways, enhancements to existing trails, and public facilities.
TIRZ 10A is located on the far Westside and would be expanded to include an additional 3,874 acres of land running north along the eastern boundary of Interstate 10 near Paseo del Norte. The proposed TIRZ #11 would consist of approximately 50 acres in the Northeast and would spur development at the Cohen site. TIRZ 12 would be located near Transmountain Road on the far Westside and would consist of approximately 1,007 acres.
“We’ve organized a series community meetings to give the public more opportunities to learn about this economic development tool and the benefits it has,” said Elizabeth Triggs, City of El Paso Assistant Director of Economic and International Development.
The City has scheduled a series of community meetings to include:
- June 20 at 6 p.m. at the Nestor Valencia Mission Valley Transit Center, 9065 Alameda
- May 31 at 6 p.m. at the Westside Regional Command Center, 4801 Osbourne
- June 6 at 6 p.m. at the Northeast Regional Command Center, 9600 Dyer St.
- June 7 at 6 p.m. at the Pebble Hills Regional Command Center, 10780 Pebble Hills