On Sept. 13, New Braunfels City Council approved the first reading of an ordinance to designate downtown New Braunfels as the city’s third tax increment reinvestment zone, or TIRZ.
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.
