What is TIRZ? TIRZ is the Tax Increment Reinvestment Zone, a political subdivision created by the City of Dripping Springs to finance community projects. It is a way to manage growth. How is TIRZ funded? The tax rate was frozen 1/1/16 for 30 years. The future financial growth based on value. 50% of the increase goes into the TIRZ. The Attorney General has ruled that a TIRZ cannot sell bonds, so they are looking a grants and public/private partnerships. Who is involved? The city, and the county through an inter-local agreement create 31.5 cents for future growth. The TIRZ has a board and they make recommendations to the city council. The county named 2 board members and the city selected the rest. Dave Edwards is chair of the DS TIRZ and the interested parties on the projects are the rest of the board. They are named, not elected. Projects? There are currently 4 projects under consideration. * Development of a Town Center * Old Fitzhugh Road development with sidewalks and correct the drainage * The Triangle development by repairing drainage issues and work on traffic issues.. * Downtown parking, easy to do and could be done quickly How do we know what they are doing? The TIRZ meets the 1st Monday of each month at City Hall at 4 pm.
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