City of Victoria council expected to approve TIRZ
TIRZ bordered by Main St, Nueces St., and Convent St.
VICTORIA, Texas – City of Victoria leaders want to make sure funding is in place to improve downtown. Council members plan to establish a tax increment reinvestment zone (TIRZ) around the downtown area.
The TIRZ will cover the downtown Victoria area bordered by Main St., Nueces St. and Convent St.
“So the funding comes from the tax increment from the property values, once they are assessed every year, said Danielle Williams, Executive Director of the Victoria Main Street program.. “It does not raise taxes, it is not a new tax. It is taking the increased value from property values setting it aside and then using it back into the area in that zone,” said Williams.
Williams said the money will go toward street repairs, utility repairs and structural repairs.
If approved, the TIRZ would be established in January 2022.
To find out more visit Main Street Victoria or City of Victoria website.
UPDATE 12/14/2021 9:26 pm : Council members made a unanimous motion to approve all items of the consent agenda, including item 13 which was an ordinance designating 210.9 acres within the jurisdiction of the City of Victoria as a Tax Increment Reinvestment Zone Number One.
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