The separate reimbursement agreements for operating expenses within Tax Increment Reinvestment Zone No. 1 and Tax Increment Reinvestment Zone No. 2 were approved during the March 5 council meeting. The resolutions will allow GCISD to seek reimbursement for operating expenses at two facilities from established tax increment funds, which will pay for police officers.
The overview
The reimbursement agreements follow up on previous action that allowed for a new category of eligible expenses within the two tax increment reinvestment zones.
The first agreement allows for the school district to be repaid about $2.7 million between 2025-2031 from the tax increment fund for TIRZ 1, Assistant Director of Finance Matt Feryan said. That funding would pay for school resource officers at Mustang-Panther Stadium.
Grapevine Middle School is the other facility that will have school resource officers funded through the tax increment fund for TIRZ 2. Funding available for reimbursement is around $12.5 million, Feryan said. Funds are eligible to be paid out between 2025-2031.
What else?
According to city documents, the funding can be paid out through the assigned windows or until it is all spent. GCISD will also be required to send invoices for reimbursement.
