Missouri City’s veterans memorial project received more supporters, including a $100,000 donation from Wells Fargo, according to the city.
In addition to fundraising efforts approaching $750,000 of a $1.5-million goal, the city plans to enter into an economic development agreement with its Tax Increment Reinvestment Zone No. 1 and the Missouri City Development Authority for the development and construction of the project as well as a parks maintenance facility.
Tax increment reinvestment zones are formed by cities, counties or groups of land owners to implement tax increment financing—a method used to refund or divert a portion of taxes to pay for redevelopment, infrastructure or improvement projects within that area. Missouri City has three TIRZ boards.
As part of the agreement, construction of public infrastructure and improvements for public facilities are projects for which the city may seek reimbursement from the TIRZ.
In June, the TIRZ No. 1 board approved an agreement to reimburse the city $2.67 million for the parks maintenance facility and $250,000 for the veteran’s memorial project, according to the city.
The city will provide advanced funds to the project developer, and when the projects are completed, an auditor will submit the costs for reimbursement.
Missouri City City Council approved the resolution at its July 1 meeting. Council also approved $2.76 million in projects, including energy retrofits related to traffic lights and equipment, as well as new signage at three parks.