Published: November 03, 2009 12:10 am      

TIRZ board approves plan

GREENVILLE — The board of directors for the local tax increment reinvestment zone (TIRZ) has given the go-ahead to a plan which will be used for luring economic development to Greenville.

The TIRZ Board voted Monday to recommend approval of a final plan for the zone and the projects which will be undertaken within the zone. The City Council will have the final say in the future.

The Board voted to recommend approval of TIRZ Zone No. 1, City of Greenville Zone Project Plan and Financing Plan. The TIRZ covers approximately 1,900 acres stretching from the Interstate 30 corridor, then north along Wesley Street into and along either end of downtown.

The TIRZ pays for public infrastructure improvements, such as water and sewer lines and roads, within the area identified for development. The money is not a new or increased tax, but comes from increases in property and sales taxes resulting from rising property values as a result of development constructed within the TIRZ.

The plan adopted Monday is similar to the preliminary plan adopted by the Board almost one year ago.

The plan would dedicate $3.8 million toward infrastructure for the proposed Greenville Towne Center project, $7.8 million toward improvements for commercial projects in and around the Monty Stratton Parkway, $9.9 million for city infrastructure in an near the parkway, $6.2 million for improvements to Traders Road and $11.9 million for downtown redevelopment, including street improvements and the establishment of a Dallas Area Rapid Transit (DART) station.

Board chairman Larry Green Jr. said the projects would be paid for using revenue bonds.

“Those have to be supported by the increment,” Green said.

The Board won’t be entering into any financing agreements with developers until after the City Council gives a final vote of approval for the plan.

“Our recommendation is that they adopt it as well,” Green said. “It is a hurdle we have to cross, before we can start doing business.”

A copy of the plan and details regarding the funds to be used is available on the City of Greenville Web site at www.ci.greenville.tx.us.