Aug. 1, 2013

The Sunnyvale Tax Increment Reinvestment Board (TIRZ#1) held its first meeting on July 25, 2013. The Board was formed in December 2011, under Town Ordinance No. 549, designating a geogrpahic area within the Town as a tax reinvestment zone pursuant to Chapter 311 of the Texas Tax Code. The TIRZ#1 will be effective for 40 years and encompasses approximately 473 acres of land centered around the Collins Road and Highway 80 corridor. Tax increment financing is a method cities can use to publically finance structural improvements necessary to stimulate economic development and growth. The TIRZ#1 Board consists of five members who serve two years terms and are appointed by the Town Council. The Board will next meet on September 19th 2013 at Town Hall on 127 N. Collins.