On Wednesday, officials with the City of El Paso announced a new proposal for a Tax Increment Reinvestment Zone (TIRZ) for Northeast El Paso.
Via a news release, city officials said the proposal to create Tax Increment Reinvestment Zone 13 was presented on Wednesday to the City’s Open Space Advisory Board.
Located near the North Hills area, officials said the proposed TIRZ 13 would fund public improvements that would “alleviate safety, access and connectivity issues and spur balanced, contiguous development.”
This project would connect Angora Loop Street North from Dyer Street to Angora Loop Street South.
“The enhanced connectivity would also spur economic development, which is needed to help provide relief to residential taxpayers,” officials stated.
According to city officials, the proposed Angora Loop extension would:
- Provide access for residents
- Provide additional access for school buses
- Provide better access for First/Emergency Responders
- Increase ridership on Sun Metro
- Reduce wait times for public transportation
- Spur economic development in the Northeast
- Allow businesses on McCombs and Dyer to grow thereby help alleviating the tax burden on residential properties owner
A TIRZ allows the City to fund public improvements with incremental tax revenues collected within the zone.
The City’s Economic and International Development Department will present the TIRZ 13 proposal to City Council at a later date.