Laredo TIRZ #1
About
About the Tax Increment Reinvestment Zone (TIRZ) 1
What is a TIRZ?
An acronym for Tax Increment Reinvestment Zone, a TIRZ (or Zone) is approved by a city council for a designated area in a city or county. It serves as a financing tool for an area's redevelopment and infrastructure improvement. The objective is to expedite growth and market development of the designated area.
A watercolor rendering of a proposed monumement to complete the existing monument at the entrance to Zaragoza St. (from Santa Ursula Ave)
History
In keeping with the regulations of Chapter 311 of the Texas Tax Code, the City of Laredo designated the geographic area within the City as a reinvestment zone. The designated area satisfies the requirements of certain sections of Chapter 311 of the Texas Tax Code. In addition, the City prepared a preliminary reinvestment zone financing plan, which provides that certain City of Laredo ad valorem property taxes are to be deposited into the tax increment fund, and that taxes of other taxing units may be utilized in the financing of the proposed zone.
The TIRZ #1 area is outlined with the border
The first public hearing on the creation of the proposed zone was held on November 21, 2016, and as required by Chapter 311, Texas Tax Code, a notice of the hearing was published in the Laredo Morning Times on November 11, 2016.
At the public hearing on November 21, 2016, interested persons were allowed to speak for or against the creation of the proposed zone, its boundaries, or the concept of tax increment financing. The owners of property in the proposed zone were given a reasonable opportunity to protest the inclusion of their property in the proposed zone. At this public hearing, evidence was received and presented in favor of the creation of the proposed zone under the provisions of Chapter 311, Texas Tax Code, and no owner of real property in the proposed zone protested the inclusion of their property in the proposed zone.
The City of Laredo has provided all information, given all notices, and followed all items required by Chapter 311, Texas Tax Code, or other law as a condition to the creation of the TIRZ 1.
Jose Ceballos, Chairman
Justin Heather
Joseph Neeb
Frank Mata
Vanessa Guerra
Wilfredo Martinez
Juan Caballero
Board of Directors
FAQ: Frequently Asked Questions
1. What is a TIRZ?
A Tax Increment Reinvestment Zone is an economic tool that uses some of the tax monies collected in the defined ZONE specifically to enhance the ZONE with public improvements. TIRZ #1 in Downtown Laredo was created in 2017 by the Laredo City Council. See the TIRZ boundary map for the boundaries in Downtown Laredo.
2. When & Where does the TIRZ Board meet?
The TIRZ Board holds a public meeting on the 2nd Tuesday of every month (since 2017). The meetings are taped and available to view on the City of Laredo Website. You can also find them here on this website.
3. Who may attend the TIRZ Board meetings?
The TIRZ Board meetings are open to the public. The agendas are posted on the City of Laredo webpage and public input and comments are allowed.
4. Who may participate in the meetings?
The meetings are public and held at the Community Development Dept. at El Metro and anyone is able to participate.
5. How does a TIRZ make a difference?
Revitalizing a Downtown area requires multiple layers at work. The TIRZ is but one civic tool that is first focusing on enhancing the walkability between downtown properties. Enhanced walkability might include pedestrian friendly sidewalks, visible crosswalks, signage/wayfaring, lighting and landscape.
6. Why doesn't the City of Laredo make improvements?
The TIRZ was created by and is supported by the City of Laredo. It is an example of public entities and private forces working together to make a positive difference in an economically challenged area.
7. How will these improvements transition Downtown Laredo into a successful economic zone?
The improvements are a step in the direction of enhancing Laredo's most distinctive district into a zone where people want to live, work, shop, visit, and play.