Justin to hold public hearing about creating new TIRZ

The Justin City Council will host a public hearing Thursday regarding the creation of a new Tax Increment Reinvestment Zone (TIRZ).

A TIRZ is a financing tool that local governments can use to publicly finance needed structural improvements and enhanced infrastructure within a defined area, oftentimes to promote the viability of existing businesses and to attract new commercial enterprises to the area, according to the city. It allocates revenues for public improvements within the zone with no new taxes.

The proposed TIRZ area would include undeveloped areas of town including a northern section along the west side of FM 156 and a western section on the south side of FM 407, as well as a large section of the heart of Justin, on either side of FM 156, and underdeveloped property between FM 156 and Boss Range Road on the south side of the city.

According to city documents, the property within the proposed zone is primarily open, undeveloped or underdeveloped, “and substantially impairs and arrests the sound growth of the city. Due to its size, location and physical characteristics, development would not occur solely through private investment in the foreseeable future. The property lacks public infrastructure and requires economic incentive to attract development for the purpose of providing long-term economic benefits … the city envisions that the property will be developed to take full advantage of the opportunity to bring to the city, county and region a quality development” if the proposed TIRZ is created.

No resident would be displaced due to the creation of the zone. Based on a feasibility study, from 2024 to 2053, new development that would not have occurred but for the TIRZ will generate about $55 million in total new real property tax revenue. Half of the tax revenue generated from within the zone will go to the TIRZ fund, to speed up the city’s ability to provide infrastructure and improvements within the zone, while the other half will continue to go to the city’s General Fund.

The public hearing will be held at Justin City Hall during Thursday’s City Council meeting, scheduled for 5:30 p.m.