CORPUS CHRISTI, Texas — Over the past few weeks, you've heard a lot of talk about a Tax Increment Reinvestment Zone for North Beach.
Today, the city council and county commissioners looked at the TIRZ and what it would actually pay for.
There are several proposals within the TIRZ that would help pay for a variety of improvements on North Beach.
How does it do that?
Property tax values are frozen when the TIRZ is created.
Then, any additional taxes generated by development are reimbursed to developers over the life of the TIRZ, which in this case is 20 years.
Based on this morning's presentation, the North Beach TIRZ could generate close to $40 million to spur development.
This money can be used for things like new signage, park improvements, demolition, public safety, area beautification, parking structures, property improvements, housing development and residential streets.
Jeff Blackard, the developer spearheading the North Beach Task Force, says there are already millions of dollars in development planned if the TIRZ passes.
We spoke with Mayor Joe Mccomb after the workshop.
He was one of the council members who wanted more time.
McComb says he likes what he heard and believes the TIRZ will be created.
The TIRZ doesn't pay for a drainage solution like the canal proposed by Blackard.
The city council takes a first vote on the TIRZ proposal at next week's meeting.
That same day, the council also hears recommendations on how to fix North Beach drainage.