By ABBEY KUNKLE
Special to the PRESS
After nearly four years since their last meeting, the Port Isabel Improvement District #1 (PID) met last week for an update regarding the status of improvements in the Modern Venice area, also known as “The Fingers.”
The PID was created by action of the Texas Legislature and approved by the Port Isabel City Commission on Aug. 16, 2011. After voters turned down proposals for the City to create the PID, the City turned to the state legislature for the formation of a PID that included a Tax Increment Reinvestment Zone (TIRZ) for funding of the development.
According to Port Isabel City Manager Jared Hockema, rather than borrowing funds to make improvements and then sending residents a bill, the TIRZ will help with funding the development of The Fingers. At the creation of the TIRZ, the City and Cameron County agreed to reinvest funds collected from any incremental tax raises within the specified zone to be used for enhancements, such as project infrastructure, improvements and economic development.
Want the whole story? Pick up a copy of the Port Isabel-South Padre Press, or subscribe to our E-Edition by clicking here.