Uses the projected rise (increment) in property tax values to finance infrastructure or development improvements
Allows future ad valorem revenue to pay for the construction of public infrastructure improvement
Provides an economic stimulus that can be used to attract development or redevelopment in areas that currently are currently undeveloped
About Terrell Tax Increment Reinvestment Zone Number 1
Increased tax revenue from the rise in property tax is deposited in a TIF fund, which is then used to reimburse costs for infrastructure improvements or to reimburse developers for specific costs on improvements made. Terrell will contribute 75% of the taxes captured; Kaufman County has pledged 50%.
The Tax Increment Reinvestment Zone funds are used exclusively for public improvements.
The Terrell Tax Increment Reinvestment Zone includes more than 4,000 undeveloped acres. The Project Plan calls for a maximum of $158,500,000 in public improvements over the 30-year life of the TIRZ.