During the meeting, Maverick County Judge Ramsey E. Cantu presented the item and a presentation from City Economic Development Department Director Arturo Marquez, who provided specifics into the Tax Increment Reinvestment Zone project.
After holding discussions in executive session, including questions for legal counsel, the Commissioners Court voted in favor of moving forward with the City's request, including holding a joint public meeting to provide further information and details to the community as to what this project entails.
"There is a lot that this project entails, and I think it would be extremely beneficial for the public to be fully versed as to the benefits, and more so on how this structure is laid down," said Judge Cantu.
A tax increment reinvestment zone (TIRZ) is a political subdivision of a municipality or county in the state of Texas created to implement tax increment financing. They may be initiated by the city or county or by petition of owners whose total holdings in the zone consist of a majority of the appraised property value.
With federal and state sources for redevelopment generally less available, local governments have been forced to find other ways to subsidize improvement projects in their localities without directly raising taxes. One of the tools many states use to take up the slack by lack of federal and state funding is Tax Increment Financing (TIF), which is a public financing method used for redevelopment and community improvement projects for more than 50 years.
In this case, last year, Empire Industrial under owners Beyer & Sonia Junfin and Linda & Sergio Zamora are looking to establish a TIRZ on their property, which will be annexed into the City of Eagle Pass.
The city will receive around 20 percent on ad valorem taxes and provide services to the area. Those are things that are being ironed out at this time, and the County will be working alongside the developers and City of Eagle Pass to assure that the project is secured, but the people's best interest is first and foremost assured.
The proposed tax increment reinvestment zone is located at the intersection of Loop 480 and El Indio Highway.
The City of Eagle Pass will be discussing this proposed project and looking to pass a final reading to establish the TIRZ in the coming weeks.
Empire Industrial recently provided information on some of their project plans, which included No Financial Risks to the city, generates millions of dollars in Tax Revenues and 1,761 Acres of New Land Development.
Empire also added that the proposed overall project could attract, if fully approved and implemented, new grocery and shopping stores, restaurants, gas stations, healthcare facilities, sports and entertainment, higher education facilities, and quality jobs.
A detailed article on the proposed project and continued negotiations and agreements will be written and printed in the coming months.