The current agreement is set to expire in 2024.
During the meeting, Belton City Manager Sim Listi was authorized to enter a professional services agreement with KPA Engineers â a Temple-based firm that was previously hired to provide recommendations for the future of TIRZ.
Under this agreement, KPA Engineers will prepare a legal description of the new TIRZ boundary, develop a project plan and financing plan for the next 20-year time period, and will participate in meetings with the Bell County Commissioners, according to a city of Belton staff report.
âWeâve been working on an update of (TIRZ) ⦠which is basically a geographic area where property taxes are reassigned and utilized on improvements that would benefit private developments within that geographic area,â Jon Simcik of KPA Engineers said during the meeting.
BELTON â After nearly 20 years since its creation, the Belton Tax Increment Reinvestment Zone is now up for renewal with a proposed $87.4 million in projects over the next two decades.
The Bell County Commissioners Court and Belton city officials met during a workshop Monday to discuss the renewal of the zone, which helps fund projects in and around the city.
Belton officials came to the county to encourage commissioners to continue being a member of the zone for its renewal.
Belton Mayor Wayne Carpenter said the reinvestment zone has had a very positive impact on the city and its businesses.
Carpenter said as the city expands further to the south, the expansion of the reinvestment zone will be very valuable.