The TIRZ would allow the city to use 85% of incremental property tax revenue increases above the base year collections for designated improvements within the area.
Covering approximately 182.91 acres, funding from the TIRZ will be utilized to improve public infrastructure such as roadways, utilities, sidewalks, and other pedestrian and bicycling facilities.
Over the course of 25 years, the zone is anticipated to generate approximately $14.8 million in property tax, said Jeff Jewell, director of economic and community development for the city.
In addition to the downtown TIRZ, the city also has reinvestment zones at Creekside and in the Milltown District.
The Creekside TIRZ was the city’s first reinvestment zone and was established in 2007, while the Milltown TIRZ was established in 2019.