MON 1
June 10, 2024
Volume 59 l Number 92
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The Voice of Seguin
WEEKEND EDITION
TODAY
City moves forward, explains a TIRZ for downtown Seguin Darren Dunn
Seguin’s little Princesses!
Seguin's royalty rolled up in style Saturday during the annual Seguin Police Department’s Cinderella Ball at the Seguin Coliseum. Dozens of princesses and their kings spent the evening enjoying food, fun and dancing. Pictured are Lucas & Kynleigh Barnard Photo courtesy Kellsie Barnard. See more photos in Tuesday's edition of the Seguin Daily News.
Helping you find the right house to call HOME. Cathy Brown
830-302-0968
(Seguin) -- The city of Seguin is working on yet another strategy that could help with the revitalization of the downtown area. The Seguin City Council on Tuesday reached a consensus to move forward with a Tax Increment Reinvestment Zone, better known as a TIRZ. Economist Travis James, vicepresident of TXP, is working with the city on the creation of the TIRZ for downtown Seguin. James explained to the council how the TIRZ works, and how it might be beneficial to the downtown area. “It’s a tool where governments, typically, cities and counties come together, sometimes college districts and they dedicate future tax revenue to pay for projects within that geographic zone. That’s the short version. So, what you are collecting today continues to go to the general fund or pay for your bonds or talk about allocating all or a portion of future revenue above what we are collecting today. That’s the increment, right? -- the extra to pay for projects in the zone,” said James.
James says the zone would not require any additional tax support. He says the taxes generated in that area would be set aside to help with future projects within the zone. “Just to be clear, it is not a tax rate increase. It is not a burden on any of the property owners. They do not have to do anything extra. We work with the appraisal district; they will code within the appraisal district file -- and there is a calculation worksheet that we do. There’s a TIRZ board. You have to submit an annual report to the comptroller. It is completely transparent. The public is invited to participate in these board meetings. It’s typically created by the governing body. Cities can add a portion of the sales tax -- I don’t think it’s contemplated for this one. I think we are talking about just a portion of the property tax. Some cities, New Braunfels down at the Town Creek Center, they do both property tax and sales tax. But we are just thinking about property tax with this one and that is my initial recommendation to you all,” said James. TIRZ, pg. 3