Council Reviews Tax Increase Funding Policy and Rezoning Proposals | Community alert
New members of Braunfels city council are expected to consider adopting a policy on funding tax increases on Monday.
Tax Increase Funding, also known as TIF, is a tool made available to municipalities under the state tax code that uses increased property and sales taxes in a geographic area defined as a source of income for public improvements described in a project and financing plan. .
The proposed policy describes the objectives of the deployment of the TIF, and establishes the expectations and requirements for the level of due diligence that would be undertaken.
According to city officials, the purpose of this due diligence is to provide reasonable assurance that no project requiring TIF assistance would happen without the incentive and that the proposed improvements will be built within a reasonable time frame.
The fundamental objective of TIF is to encourage economic development or redevelopment in a geographic area known as the Tax Increases Reinvestment Zone, also known as TIRZ, which would not occur without the assistance provided. through TIF.
City staff presented and received input from the City Council Audit and Finance Committee as well as the Board of Directors of the New Braunfels Economic Development Corporation in developing the proposed policy.
Also on Monday’s agenda are the first readings of two rezoning proposals, both from agriculture / pre-development to a zero lot line in an airport hazard overlay neighborhood, a designation intended for development. of single-family homes.
Members are expected to review a proposed rezoning of a 105-acre property on Farm-to-Market Road 758.
The property’s current agricultural zoning district, located approximately 1,500 feet east of Highway 46 South and half a mile from the New Braunfels Regional Airport, is intended for newly annexed areas, uses agriculture and areas where development is premature due to lack of utility capacity or where end use has not been determined.
The proposed ZH-A neighborhood is intended for the development of isolated single-family residences on lots of at least 4,000 square feet. Zoning by-laws allow homes to be constructed with typical side setbacks five feet wide or located closer to a side property line to maximize the usable yard on the other side for homes with a garden and patio.
According to a traffic impact analysis, around 550 housing units are planned on the site.
Council will also consider a rezoning project at 696 Orion Drive, a two-acre lot located approximately 920 feet north of the intersection of Goodwin Lane and Orion Drive.
Both rezoning proposals were approved by the city’s Planning Commission earlier this month.
The meeting will also include time for residents to address Council on issues and areas of concern that are not on the agenda.
Monday’s council meeting begins at 6 p.m. in the Council Chamber at New Braunfels Town Hall, 550 Landa St., and via Zoom at https://us02web.zoom.us/j/893 3200 4990.
Those wishing to join the meeting without video can call (833) 926-2300 and enter the webinar ID number, 893 3200 4990
The meeting will be televised live on the government’s Spectrum Access Channel 21, AT&T Access Channel 99 and streamed live on the city’s website, www.nbtexas.org.