Two-minute impact
An agreement between a governmental body and a developer, a TIRZ allows a government agency to reimburse developers for the construction of road and infrastructure improvements over a period of time from collected property tax revenue. Colton, a master-planned community based out of the city of Todd Mission, is owned by Airia Development Company and is set to hold its grand opening June 7, according to the developer.
Precinct 2 Commissioner Charlie Riley previously brought the creation of the two new zones before the court in December, where it was narrowly voted down due to budget concerns.
The agreement terms include a 20-year period where the county would reinvest 75% of property tax revenue to the development in exchange for the construction of multiple roadways and other infrastructure within the 5,700-acre development. Once the development is completed, the TIRZ is terminated, and the county begins collecting full property tax revenue from the completed development.
The action taken
Commissioners approved the creation of the two zones, which both encompass the Colton development, without additional discussion among the court. Full build-out of the Colton development is not expected until after 2040, but during the grand opening June 7, there will be 11 model homes on display for individuals to tour.
