New Braunfels City Council members on Monday adopted a tax increment financing policy that officials say establishes a framework and processes to evaluate the creation of tax increment reinvestment zones in the city and requests for funding potential economic development projects.
Tax increment financing, also known as TIF, is a tool available to municipalities under the stateâs tax code that utilizes incremental property and sales taxes within a defined geographic area to offset the costs of needed public infrastructure to attract additional private investment.
The sidewalk is marked as closed at Town Center at Creekside on Wednesday, Nov. 11, 2020. TIRZ No. 1, also known as the Creekside TIRZ, was established in 2007 to fund capital improvements associated with property development near Interstate 35 and Farm-to-Market Road 306. These improvements include drainage, water, wastewater and roadway projects necessary to serve the development.