On Tuesday, the El Paso City Council approved the allocation of $100,000 of Tax Increment Reinvestment Zone (TIRZ) funds to the El Paso Downtown Management District’s Commercial Façade Improvement Program.
City officials say, “This invaluable program has been key in the rehabilitation of many downtown buildings which has resulted in more than an $11 million increase in property valuation of the total participating properties.”
The Downtown Commercial Façade Improvement Program is made possible through a partnership between the Downtown Management District (DMD) and the City of El Paso.
Through this program, properties in the TIRZ area can receive up to $25,000 in matching funds per façade.
This program aims to improve the aesthetics within the Tax Increment Reinvestment Zone as attractive building facades positively impact the marketability and perception of the area. The reimbursement grants are awarded for façade improvements that restore, preserve, rehabilitate, enhance or beautify a structure.
Total Project Grants: 31 ($541,776.19)
- 2012 Valuation: $17,352,186
- 2016 Valuation: $28,756,171