· Related development
Council extends TIRZ #1 to 2056 with City participation falling to 50% after 2036 (Ordinance No. 8032)
After a public hearing and first reading on November 8, 2022, the council passed Ordinance No. 8032 on second reading as part of a consent agenda approved 5-0 on December 13, 2022. It changed the zone's end date from December 31, 2036 to December 31, 2056, extended the zone's boundaries, set the City's contribution at 100% of its tax increment until 2036 and 50% after that, and amended the project and financing plan. The staff memo estimated that the City would defer $14.6 million in tax revenue to the zone.[1][2]
Andrew FreemanGinger NelsonFreda Powell
What the sources say
- ✓ Verified
Ordinance No. 8032 amended Ordinance No. 7012 to change the zone's end date from December 31, 2036 to December 31, 2056, extended the zone's boundaries as described in its Exhibit A, set the City's contribution at 100% of its tax increment until 2036 and 50% thereafter, and amended and approved the project and finance plan.[1][3]
- New end year
- 2,056
- City increment after 2036
- 50%
- ✓ Verified
Ordinance No. 8032 had its public hearing and first reading on November 8, 2022, and passed on second reading as consent item 2B on December 13, 2022; the consent agenda (except item 2H) was approved 5-0 on a motion by Mayor Pro Tem Freda Powell, seconded by Councilmember Eddy Sauer, with Mayor Ginger Nelson and Councilmembers Cole Stanley and Howard Smith also voting yes.[2][1]
- ✓ Verified
City staff memo (contact: Assistant City Manager Andrew Freeman): The staff memo said the zone had many outstanding goals (in July 2021: 448 of 1,200 hotel rooms, 283 of 2,100 residential units, 308,563 of 1,625,000 square feet of office/commercial/retail), recommended a 20-year extension to 2056 at 50% City participation based on past council and TIRZ #1 feedback, and estimated (a projection) that the City would defer $14.6 million in tax revenue to be invested only in the zone. Other taxing units were not required to participate but could by written agreement.[1]
- Deferred city revenue estimate
- $14,600,000
- Unverified
Potter County Commissioners Court approved an addendum to its TIRZ #1 participation agreement on February 27, 2023 (5-0), and the Amarillo College Board of Regents approved an addendum for a 20-year extension at 50% participation on February 28, 2023 (unanimous). The County's participation terms were not available, and no fetched source shows whether the Panhandle Groundwater Conservation District agreed to participate after 2036. The City's Comptroller zone registration, submitted in December 2023, still lists all four participating units.[4][1][5][6][7]
- ✓ Verified
At the June 8, 2023 TIRZ #1 board meeting the outside auditor presenting the fiscal 2022 audit confirmed the council had extended the zone 20 years through 2056.[8]