On Tuesday, October 6 the City Council voted unanimously to approve the creation of a Tax Increment Reinvestment Zone (TIRZ) within the City of White Settlement. A TIRZ is an economic development tool that captures the projected increase in tax revenue that is created by development within a defined area and reinvests those funds into public improvements and development projects that benefit the zone. The creation of the TIRZ is part of a long term strategic plan developed in conjunction with our Citizens, Mayor, Council, City Manager, City Staff and the City’s economic development consultant. The primary focus of the TIRZ will be on infrastructure improvements in the zone that will help development already present as well as make the area more attractive for future development. The TIRZ funds will not be used to issue new debt and will instead be saved in an account where only what is available will be used. This approach makes sure that the TIRZ does not create any new impact on White Settlement taxpayers via debt service payments.
While the creation of the TIRZ has already taken place, work is still underway finalizing the TIRZ area and identifying the first projects that will be pursued within it. Below you will see the latest version of the preliminary TIRZ map that shows what areas are being considered. You can also read the full TIRZ documentation that includes a listing of the estimated project costs for the proposed projects (page 24) and a thirty year look at the TIRZ financials (page 26) by going to the following link: https://whitesettlementtx.civicclerk.com/Web/GenFile.aspx?ad=40
The City will be holding another public hearing on the TIRZ at an upcoming City Council meeting but you can also give your input now by emailing it to email@example.com. We would like to hear any suggestions that could help shape the TIRZ area itself and projects that could promote economic development within the TIRZ.