Garcia gives update on Mission’s Tax Increment Reinvestment Zone

MISSION, Texas – Mission Economic Development Corporation developed the first Tax Increment Reinvestment Zone in the Rio Grande Valley.

At a recent Commercial & Investment Tour event, Teclo Garcia, Mission EDC’s CEO, discussed the TIRZ. He explained that part of the zone is in land in south Mission that is owned by Killam Development.

“This is an important growth tool for us,” Garcia said. “So, if you have any ideas of wanting to grow in that zone, and you want to work with the Killams, certainly you can do that. You could work with us. You could work with others that are also part of it.”

Garcia added: “We’ve got some really exciting projects that are upcoming. We’re going to do a bond issuance here in the near future that’s going to allow us to do several things to make this even better place to develop in.”

The Commercial & Investment Tour was co-hosted by Mission EDC and the Rio Grande Valley Partnership. It was held at the Center for Education & Economic Development in Mission.

A Tax Increment Reinvestment Zone  is a tool used by municipalities and counties to stimulate economic development by reinvesting tax revenue generated by new development within the zone into public improvements and projects. 

Essentially, a TIRZ freezes the property tax values of properties within the zone at their current levels, and then dedicates a portion of the increased tax revenue generated by new development and increased property values within the zone to a special fund for public improvements. 

Editor’s Note: Here is a video recording of Teclo Garcia discussing Mission’s TIRZ:

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Earlier, Garcia had given the opening remarks before moderating a panel discussion. The Mission EDC chief spoke about the growth of his city, both in population terms and industrial, commercial, and residential development. Here is an audio recording of his remarks:

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