What's a TIRZ?
Downtown Parking Garage
TIRZ #1 (Downtown McKinney) – see map
TIRZ #1 will not expire until 2040. It is about 947 acres. As the table shows, the same base amount is given to the General Fund every year. The bold amounts are what the General Fund would have gotten in revenue growth had we not had a TIRZ.
TIRZ #1 will not expire until 2040. It is about 947 acres. As the table shows, the same base amount is given to the General Fund every year. The bold amounts are what the General Fund would have gotten in revenue growth had we not had a TIRZ.
2010 BASE PROPERTY TAX TO GF
|
2010 BASE SALES & USE TAX TO GF
|
TIRZ #1 ONLY PROPERTY TAX
|
TIRZ #1 ONLY SALES & USE TAX
| |
2011
|
$1,223,602
|
$1,396,598
|
$
|
$
|
2011-12
|
same
|
same
|
$4,875
|
$438,176
|
2012-13
|
same
|
same
|
$67,770
|
$406,544
|
2013-14
|
same
|
same
|
$446,956
|
$1,037,166
|
2014-15
|
same
|
same
|
$45,372
|
$1,285,133
|
2015-16
|
same
|
same
|
$428,036*
|
$1,336,537*
|
2016-17
|
same
|
same
|
$647,800**
|
$1,349,389**
|
*EOY estimates
**Proposed budget
**Proposed budget
According to the TIRZ #1, they have over $7 M in there so far for various TIRZ #1 projects.
Even though this money is saved only for TIRZ #1 and TIRZ #1 can take out bonds, we were asked to float the bond to pay for the parking garage as a city. The parking garage location was in TIRZ #1.
Even though this money is saved only for TIRZ #1 and TIRZ #1 can take out bonds, we were asked to float the bond to pay for the parking garage as a city. The parking garage location was in TIRZ #1.
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