Tax Increment Financing (TIF) is a tool to finance public improvements within a defined area. The improvements should enhance the environment and attract new investment. The statutes governing tax increment financing are in Chapter 311 of the Texas Tax Code.
A municipality makes an area eligible for tax increment financing by designating a reinvestment zone, also called a tax increment reinvestment zone (TIRZ) or a tax increment financing (TIF) zone. Costs of selected public improvements outlined in the zone’s project and financing plan may be paid by current or future tax revenue flowing from redeveloped or appreciated real property valued in the zone. The additional tax dollars generated by growth of real property value in the zone are called the tax increment. These dollars flow to a fund for a specified number of years. Money flowing into the fund each year is spent according to an approved plan and in accordance with agreements in place with participating governmental units.
The Pflugerville City Council adopted an ordinance on December 14, 2010 which designated Reinvestment Zone No. One, also known as the Falcon Pointe TIRZ. The City Council appoints five citizens to the Board of Directors of the reinvestment zone.
The Mayor annually nominates and the City Council appoints the Chair of the Board of Directors. The Vice Chair is elected by the Board of Directors. All actions of the Board of Directors must be approved by the City Council.
|Board of Directors||Term Ending|
|Place 1 (Chair) Mike Marsh||12/18|
|Place 2 Ray Mason||12/19|
|Place 3 Jeffrey Thompson
|Place 4 Bob Dwyer||12/19|
|Place 5 Scott Williams||12/18|
Responsibilities of the Board of Directors
- Make recommendations to the City Council regarding the administration of the zone.
- Prepare and adopt a project plan and a reinvestment zone financing plan for the zone.
- Implement the project plan and reinvestment zone financing plan.
- Enter into reimbursement agreements.
- Issue tax increment obligation bonds
For additional information contact Trey Fletcher, Interim City Manager at 512-990-6301 or email email@example.com.