On March 16, the Kyle City Council approved the creation of a Tax Increment Reinvestment Zone (TIRZ) to fund infrastructure projects. The TIRZ will allow the city to use a portion of the property taxes generated from the development to fund projects in the area.
The TIRZ was proposed by the Kyle Economic Development Corporation, a non-profit organization that works to promote economic growth in the city. The TIRZ will be funded by a portion of the property taxes generated from the development of the LaSalle project, a mixed-use development located on the east side of Kyle.
The LaSalle project is expected to generate over $1 million in property taxes annually. The TIRZ will use a portion of those taxes to fund infrastructure projects in the area, such as road improvements, drainage projects, and public parks.
The TIRZ was approved by the City Council with a 5-0 vote. However, the approval of the TIRZ was met with opposition from some local landowners, who argued that the project would divert water onto their property and potentially flood adjacent areas.
The city has promised to address the concerns of the landowners and has agreed to take steps to mitigate any potential flooding.
