Barisi Village TIRZ
With over 350 successful implementations in Texas, Tax Increment Reinvestment Zones (TIRZs) are a proven model for driving urban renewal and economic prosperity. And without TIRZ for Barisi Village, the potential community benefits and economic uplift from the project will go unrealized.
Why a Tax Increment Reinvestment Zone (TIRZ)?
Tax Increment Reinvestment Zones, or TIRZs, are designed to stimulate investment and catalyze economic growth in specified areas. As property values increase within the zone, the additional tax revenue is reinvested into the same area to support public improvements and infrastructure enhancements. They are powerful tools that can transform areas for the betterment of the community and local economy while incentivizing excellence in private real estate development.
The importance of the TIRZ for Barisi Village and Corpus Christi
Last year, the Barisi Village site generated $7,880 of tax revenue for the City of Corpus Christi. This site, 127 acres in the middle of Corpus Christi, cannot be developed without support from the government.
Over 20 years, the TIRZ arrangement will generate an extra $20 million for the City directly from the
development. Beyond those 20 years, the City will collect over $5 million per year in perpetuity from the developer's property taxes.
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City Benefit from TIRZ
Revenue to City during 20 year TIRZ, not achievable otherwise
None of these additional revenues would be possible without the TIRZ, regardless of who develops the land
In total, the TIRZ ensures $60 million in new revenue for the City during the 20 years it will exist alone, while reimbursing the developer for building $42.9 Million of new public infrastructure like parks, ponds, nature preserves, street maintenance, public transportation improvements, public boardwalks, and amenitized canals. Without the TIRZ, the City would only gain a maximum of $157,000 over the
same 20 years.
