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TIRZ #2 board accepts a revised plan adding about 449 acres to the zone
The expansion began in February 2020 when staff told the board a new project just outside the zone's boundary was interested in incentives. In April staff presented a map adding about 449 acres south of the zone, bringing it to 1,389 acres, and said council feedback was to keep the expansion focused on land likely to develop soon. On September 17 the board unanimously accepted the revised project and financing plan, which raised the zone's taxable base from $39.98 million to $41.43 million. The council adopted it in December 2020.[1][2][3][4]
What the sources say
- ✓ Verified
On February 20, 2020 staff told the board "a new project has been discussed just outside the current boundary of the TIRZ #2. They were interested in possible incentives for the project, which led to discussing TIRZ #2 and whether the zone could be expanded." On April 16, 2020 staff said the prospect was slowing its construction timeline because of COVID, that "initial feedback from City Council was to not make the zone too much larger," and presented about 449 acres south of the zone, which "would bring the zone to 1,389 acres" and add about $2.1 million to the $39.8 million base value. The minutes do not name the prospect. In August 2021 staff said it expected "another incentive application for the project which helped initiate the expansion of the boundary to the south." [1][2][5]
- Added acres
- 449
- Total acres
- 1,389
- ✓ Verified
On September 17, 2020 the board voted unanimously to accept the revised project and financing plan. Staff said the boundary expansion was the main change and that the financial analysis now used the expanded area's values, "changing the taxable base from $39.98 MM to $41.43 MM." On December 17, 2020 staff told the board the council had approved the amended plan on December 8 and that participation agreements with the taxing entities would start in early 2021. [3][4]
