New Braunfels City Council unanimously approved an ordinance creating its fourth tax increment reinvestment zone, or TIRZ, for a 195.9-acre tract of land near the Zipp Family Sports Park on Nov. 10.
The Zipp Family Sports Park, located at Klein Road and FM 1044, is a $40 million, 150-acre multisport park project. Land acquisition for the sports park was approved by voters as part of Proposition 2 in the city's 2013 bond. In a 2019 bond, voters approved funding for the construction of Phase 1 of the project.
The three other TIRZs established in the city are in the Creekside, Mission Valley Hill and downtown areas of New Braunfels.
A TIRZ works to capture a portion of the new tax revenue occurring within the defined zone, making a Tax Increment Fund available to assist in financing projects identified in the Preliminary Project and Financing Plan. The plan calls for 85% of the city’s property tax to be directed into the Tax Increment Fund. There are no other taxing entities contributing a portion of their tax increment to the fund, and no sales tax is proposed to be directed to the fund, agenda documents state.
