Rivery Park TIRZ
The Rivery Park Tax Increment Reinvestment Zone (TIRZ) was created by Ordinance #2007-91, and the duration is through December 31, 2041.
The purpose of the TIRZ is to provide a financing vehicle necessary to facilitate a program of public improvements to allow and encourage the development of a 221-room hotel having a AAA 3 Diamond Rating or a 2 Star Forbes Rating, a 18,880 square foot conference center, and a 336 – space public parking garage. Another purpose of the TIRZ is to construct amenities in and make other improvements necessary to increase accessibility to Rivery Park and enhance the park experience for visitors. Other development within the TIRZ is anticipated to include single and multifamily residential development and commercial/ retail space, as allowed by the PUD Ordinance. The tax increment generated within the TIRZ would be used to finance costs associated with the construction, maintenance, and repair of the Public Parking Garage, improvements in Rivery Park, public utilities within the TIRZ, public roadways (and related improvements) within and outside of the TIRZ boundaries, and other costs that meet the definition of “project costs”.
- Dale Ross (Chair): Mayor
- Valerie Nicholson: Council Member District 2
- David Morgan: City Manager
- Leigh Wallace: Finance Director
- Jeff Novak: Business Owner/Brae Development Partners
- Ronald Swain: Southwestern University
- Valerie Covey: County Commissioner, Precinct 3
- Marsha Farney: Representative for Texas House District 20
- Charles Schwertner: Senator for Texas Senate District 5
- Agendas: Rivery Park TIRZ Agendas