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Saturday , December 15 2018
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Home | Tag Archives: Tax Increment Reinvestment Zone

Tag Archives: Tax Increment Reinvestment Zone

City Looking to Expand Medical Center of the Americas TIRZ

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.

Council Approves Funds for Façade Improvement Program

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
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