On Tuesday, City Council authorized staff to explore expanding the Tax Increment Reinvestment Zone #6 (TIRZ 6) in Central El Paso to include taxable properties.
“This is going to be a game changer for the MCA area. Currently, all properties within this TIRZ are tax exempt because they belong to publicly owned institutions. Expanding the boundaries will allow us to capture incremental property taxes from parcels that do not qualify for tax exemptions,” said Jessica Herrera, City of El Paso Economic and International Development Department Director.
The City’s proposal aims at growing the TIRZ to approximately 400 acres from just under 70 acres. The City created the zone in 2013 to help encourage development for the Medical Center of the Americas (MCA) campus.
The TIRZ revenue stream will be used to fund public improvements within the zone’s boundaries.
Some of the possible improvements include; entry monuments as part of a Sun City Lights program expansion, wayfinding, additional street lighting and landscaping, bridge and intersection improvements, pedestrian and ADA enhancements, and bike facilities.
The Medical Center of the Americas (MCA) Foundation, a 501(c) (3) non-profit organization, and its affiliated companies are focused on creating a world-class medical center within the MCA Campus in south central El Paso,along with a regional biomedical industry that will foster and accelerate innovation, creating new employment opportunities and meeting healthcare needs for the Paso del Norte region.