In 2005, the Bryan city council diverted property tax revenue from the area around the main post office to pay for new infrastructure.
The council during its April 9th meeting approved dissolving the tax increment reinvestment zone, or TIRZ.
Strategic projects director Lindsey Guindi said more than $5.5 million dollars was collected by the TIRZ.
The money went towards building Nash Street and new post office driveways, the roundabout at Nash and Broadmoor, improvements at Camelot Park, and other infrastructure.
Guindi also said the assessed valuation of the property in the TIRZ grew from $2.2 million to more than $75 million dollars.
With the end of TIRZ 19, Guindi says $400,000 dollars in annual property tax revenue will now go to the city of Bryan’s general fund and the city’s debt service fund.
Click HERE to read and download the ordinance approved by the Bryan city council dissolving TIRZ 19.
Click below to hear comments from Lindsey Guindi during the April 9, 2024 Bryan city council meeting.