TIRZ to bring economic growth to east Amarillo - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

TIRZ to bring economic growth to east Amarillo

Source: KFDA Source: KFDA
source: KFDA source: KFDA
Source: KFDA Source: KFDA
Source: KFDA Source: KFDA
Source: KFDA Source: KFDA

City officials are considering a proposal that would encourage economic growth on Amarillo's east side.

The proposal is to launch Amarillo's second tax increment reinvestment zone (TIRZ), the first was downtown. With the recent growth officials want to move forward with one on the east side of the city.

940 acres of land north of I-40 will undergo developments including increase infrastructure and flat property tax for 30 years.

The city aims to attract businesses to this area faster than natural development would allow.

"I think without the zone you would still see development, but it would be much slower," said Bob Cowell, Amarillo's Deputy City Manager. "The tax increment reinvestment zone allows multiple plots of land to be developed rather than one property at a time."

Currently two hotels are under construction in the reinvestment zone. Restaurants and other attractions are predicted to follow. 

The ultimate goal of this policy is to build an athletic facility with volleyball and basketball courts. 

City officials said once these facilities are constructed, they will increase the city's revenue by attracting tournaments and people from surrounding cities.

Cowell said the nice feature of reinvestment zones are that they can increase revenue without making significant changes to the tax system. 

"By doing it this way we have an opportunity to reimburse ourselves for some of the work that we're doing in that area which we would not normally be able to do," said Cowell. "We can take those dollars, and reinvest them somewhere else in the community."

Other major changes include the relocation of the Big Texan restaurant and facility. 

Copyright 2016 KFDA. All rights reserved.

Powered by Frankly