Tax Increment Reinvestment Zone #1, Historic Downtown Plainview (TIRZ #1)

In May 2018, Plainview City Council, via Ordinance, created a tax increment reinvestment zone known as Tax Increment Reinvestment Zone Number One, Historic Downtown, City of Plainview, Texas. 

Purpose

The purpose of the TIRZ is to facilitate development or redevelopment by financing the costs of public works, public improvements, programs and other projects benefiting the area. 

The programs are for the public purposes of diversifying the economy as well as developing business and commercial activities within the TIRZ as outlined in the Final Project and Financing Plan. Such economic development programs may include grants, which the City currently offers to businesses in the Historic Downtown District.

How Does It Work?

Tax Increment Reinvestment Zone (TIRZ) redirects some of the ad valorem tax from property in a geographic area designated as the "Zone" to pay for improvements.

Future additional tax revenues from each participating taxing unit (City and County) are set aside in a fund for the entities to use for public improvement projects or programs. No additional taxes are collected; the Zone is funded by the additional revenues collected from the start date of the TIRZ and reserved in the "Zone" fund.

What is the TIRZ Area?

The Zone includes approximately 133 acres centered around the downtown area of Plainview (map below).