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MEETING OF THE BOARD OF DIRECTORS OF THE CITY OF ARLINGTON TAX INCREMENT REINVESTMENT ZONE NUMBER SIX (Meridian TIRE)AgendaSEPTEMBER 21, 2023, AT 3:00 PM ARLINGTON CONFERENCE ROOM A & B THIRD FLOOR ARLINGTON

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Research the specific requirements and guidelines for the tax increment reinvestment zone in your area.

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What is tax increment reinvestment zone?

A tax increment reinvestment zone (TIRZ) is a designated area where property taxes generated from increased property values are reinvested back into the zone for improvements and development.

Who is required to file tax increment reinvestment zone?

Municipalities or local governments that establish a TIRZ are required to file documentation regarding the zone, including the approval of the zone by the city council or governing body.

How to fill out tax increment reinvestment zone?

To fill out the TIRZ documentation, you must include information such as the description of the zone, maps showing boundaries, plans for development, and projected tax revenue increments.

What is the purpose of tax increment reinvestment zone?

The purpose of a TIRZ is to promote economic development in underdeveloped or blighted areas by using future tax revenues generated from increased property values to fund public infrastructure and services.

What information must be reported on tax increment reinvestment zone?

Information that must be reported includes the TIRZ boundaries, the amount of tax increment expected, planned projects, and an annual report detailing revenues and expenditures.

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