Editor’s Note: To view a copy of Ordinance #682 and a rendering of the proposed Tax Increment Reinvestment Zone currently proposed by the City of Port Isabel, click here.
By THERESA VASQUEZ
Special to the PRESS
The momentum for the City of Port Isabel is significant as local leaders and administrators prepare to complete the final steps toward the establishment of a Tax Increment Reinvestment Zone (TIRZ), named Reinvestment Zone Number One, as part of ordinance #682.
Mayor Joe Vega said, “The TIRZ is a financial mechanism that many municipalities utilize for enhancement projects, infrastructure projects, and economic development projects. It allows them to use this as a financial tool so they do not have to go out for bonds, or raise taxes, to do these types of projects.”
The establishment of the TIRZ requires that a board oversees the operation, and as Janie Villarreal, administrator for the Port Isabel EDC, said, “We have already adopted the ordinance to create the zone, and held our first meeting to appoint members to the board. Our next step is to appoint the remaining members to the board, which will be the group making the decisions.”
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