Marble Falls accepts finance zone
November 07, 2013, 7:20 pm by Emily Zendt
The Marble Falls City Council Tuesday night accepted plans for a Tax Increment Finance zone that would earmark increases in property tax values in a specific part of town for public improvement projects in that same area.
After some debate the council decided that 75 percent of an increase in valuations would be allocated to the TIF, while the other 25 percent of the increase in valuation will go to the general fund.
"I’d like to see us move toward 50 – 50,” said council member Jane Marie Hurst.
"The general fund can always be labeled, dedicated.”
Mayor George Russell noted that the city has a lot of rebuilding to do and oftentimes dedications get lost in the general fund.
Council member John Packer supported the higher percentage and moved the motion to approve. It was seconded by George "Butch” Kemper and supported by council members Ryan Nash and Reed Norman, who has been hesitant in his support of the TIF. Richard Lewis was absent from the meeting.
"They worked to get this thing to be more transparent and they clarified a lot of things. They closed the loopholes that I had seen in other areas with TIFs… I was very happy with [the answers to my questions] and it made me feel comfortable to where I could approve it,” he said.
The agreed percentage can be readjusted at a later date.
TIF funds would be used for public improvement projects, including several of those outlined in the downtown master plan. Two of the first projects outlined for the use of TIF funds are for a creek walk project and rail district improvements.
For the full story, see the weekend edition of The Highlander.
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