Will it benefit you?
Tomorrow, City Council will consider amending the parameters of Tax Increment Reinvestment Zone 13, that TIRZ out in Northeast El Paso that covers the land that the City of El Paso traded Paul Foster for the land the City wants to put the Great Wolf Lodge on.
According to the proposal on City Council’s agenda, the new deal will increase the amount of the City’s participation in the TIRZ to 75%, and extend the life of the TIRZ to 50 years. That means that for the next 50 years, 75% of the increase in taxes that the City collects in TIRZ 13 will be retained by the TIRZ to be spent in the TIRZ.
Right now almost all of TIRZ 13 is raw desert. The Central Appraisal District value on that raw desert is low. Once they put a gated community out there, the appraised value will be high. The TIRZ board will retain 75% of the city taxes on that increased value.
The TIRZ board will use that money to maintain their streets. Build swimming pools. Landscape the neighborhood. All that stuff that the City of El Paso won’t do in your neighborhoods, because they don’t have the money.
Let me tell you what the taxes that the people pay in TIRZ 13 won’t do. They won’t be paying for public safety. Street maintenance. Debt service. The City Bureaucracy. The residents out there in TIRZ 13 will still be benefiting from all those public benefits, but only 25% of their taxes will be paying for them.
For 50 years.
Sweet deal, huh?
Yeah, for them, but not for you.