MIDLAND, Texas — On Tuesday, the City of Midland moved forward with an agreement it made with Midland College where the school established itself as a Tax Increment Reinvestment Zone (TIRZ). This means that as the school's property is developed, the increase in its tax revenue will be reinvested into improvements for District 2, or part of the downtown area.
According to Midland Mayor Lori Blong, the money that goes towards the fund will help pay for things that the general budget can't pay for. This includes things like lighting, trash collection and improved alleyways in downtown.
So far, this is the only established TIRZ since the city terminated the ordinance back in 2014.
"We currently have the City, the County and Midland College and the hospital all participating in that TIRZ," said Mayor Blong.
Midland College President Dr. Damon Kennedy shared the school's enthusiasm in support of the City of Midland's work and the TIRZ.
"Midland College is eager to support the TIRZ and the exciting work of the City of Midland," President Kennedy said. "The development of unique and engaging spaces in Downtown Midland fosters community involvement and activity, enriching experiences for everyone. Additionally, a vibrant downtown is great for business. At Midland College, we share the mission of partnering to invest in the future of our community."