PRESENTER: Presenter
Jeff Jewell, Director of Economic & Community Development
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SUBJECT: Title
Presentation and discussion on Chapter 311 Tax Increment Financing, Tax Increment Reinvestment Zones, and the TIRZ 5 Board of Directors’ mission and goals
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DEPARTMENT: Economic & Community Development
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COUNCIL DISTRICTS IMPACTED: 1
BACKGROUND INFORMATION:
The City’s Comprehensive Plan - Envision New Braunfels - established a vision and framework to guide the future of New Braunfels. During that effort, the City identified eight strategies to achieve the objectives outlined in the plan. The first strategy, Support Vibrant Centers, contained several actions and projects for the city to undertake. Specifically, this strategy identifies a goal to create small area plans for neighborhoods and transitional areas to maintain quality of life and to achieve neighborhood scale with commercial and recreation within walking distance of homes. The City of New Braunfels identified the San Antonio/Spur Streets corridor as an important area for revitalization.
In January 2024, City Council approved a Professional Services Agreement with TBG Partners for the creation of a comprehensive and targeted West End Area Master Plan. The efforts began in February 2024 and culminated in November with a final report to City Council on November 18, 2024. A recommended next step of the Plan directed staff to establish a Tax Increment Reinvestment Zone.
Staff will present on:
- tax increment financing and tax increment reinvestment zones - its benefits, how it works, and who can participate
- mission and goals for the TIRZ 5 Board
ISSUE:
Staff will provide a high-level presentation on tax increment financing, tax increment reinvestment zones, and the duties, responsibilities, and mission of the newly formed TIRZ 5 Board.
STRATEGIC PLAN REFERENCE:
☐Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☒Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
There is no fiscal impact for this presentation and discussion.