A board charged with helping to distribute tax incentives in downtown Amarillo is eyeing how to extend its lifespan after being created over a decade ago.
Next week, the Center City Tax Increment Reinvestment Zone #1 board will discuss how to extend the lifespan of the zone. Originally founded in December of 2006, the board was established by participating tax entities in Amarillo for a lifespan of 30 years. After completing its first decade, the board is now seeking a process to extend the lifespan of the TIRZ zone.
Since its inception, the board has been responsible for helping to distribute many of the tax incentives used in projects in downtown Amarillo. Some of the projects that have benefited from the Center City TIRZ board include the Firestone Building apartment complex and the Dubs Development restaurant that is currently under construction.
According to information from the Houston Chronicle and the Community Impact Newspaper, at least two other Texas communities, including Houston and Kingwood, have eyed extending the life of a TIRZ zone since 2017.
Also during the meeting, board members will discuss updating the TIRZ board's code of procedures.
The meeting will be held in Room 306 of Amarillo City Hall (509 Southeast 7th Avenue) on Thursday, February 8th. The meeting begins at 12pm.
For more information, please visit amarillo.gov.
