By ABBEY KUNKLE
Special to the PRESS
Cameron County Commissioner Sofia Benavidez joined SPI City Council members as part of the Tax Increment Reinvestment Zone (TIRZ) Board for their meeting Monday afternoon. Benavidez gave her approval of the TIRZ interlocal agreement after the City addressed some of the County’s concerns.
According to the City ordinance, the City Council moved to create the TIRZ in 2010 as a partnership with Cameron County in order to promote construction of mixed-use retail, office, entertainment, food service and hospitality facilities in areas of the City that have significant and varied development impediments and on parcels which have declining real property value. Many tracts of land on the Island have remained vacant and are in need of development or redevelopment due to a variety of inadequacies in regards to infrastructure, drainage issues and more.
Over the years, funding has been a major inhibitor in terms of development. The creation of the Zone was intended to provide a long-term financing program using investments from incremental tax increases to provide the necessary funds for public improvements in these underdeveloped areas with the ultimate goal of increasing business opportunities within the district.
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