Flower Mound council explores option of creating funding for Lakeside Village

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At the Jan. 18 Town Council meeting, members discussed the possibility of creating a tax increment reinvestment zone, or TIRZ, to fund the infrastructure for Lakeside Business District, in particular the Lakeside Village development.

“In working with the developer [of Lakeside Village]there is a gap within the funding of the infrastructure part of the project,” Economic Development Director Andrea Roy said.

A TIRZ is a special taxing district used by many local governments to help spur economic development within the community. A TIRZ captures any growth in property tax value and puts the revenue generated from that value into a separate fund.

Taxes generated from the capture value are restricted to funding improvements within the TIRZ area.

Potential improvements include a town fine arts facility in Lakeside Village, trails, and the possible relocation of the Stewart home.

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Sherelle Black
Sherelle joined Community Impact Newspaper in July 2014 as a reporter for the Grapevine/Colleyville/Southlake edition. She was promoted in 2015 to editor of the GCS edition. In August 2017, Sherelle became the editor of the Lewisville/Flower Mound/Highland Village edition. Sherelle covers transportation, economic development, education and features.
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