The City of Canyon is has implemented a tax increment reinvestment zone (TIRZ) to fund a portion of the infrastructure and maintenance costs associated with redeveloping Downtown Canyon. The new zone is named the TIRZ #1 – Downtown Canyon (TIRZ 1).
The fundamental purpose of this TIRZ is to encourage economic development or redevelopment within the Downtown area. The TIRZ will not create a “new” tax. The TIRZ will establish a “base tax value” for this area and then reallocates any additional ad valorem property taxes that come about through increased property evaluations to the TIRZ. The funds that will then be spent inside the TIRZ. TIRZ #1 will have a 25 year life. A TIRZ Board will be appointed by the City Commission and will contain representatives from any other taxing entities that join the TIRZ and individuals appointed by the City Commission.
TIRZ 1 will provide support for catalytic infrastructure and economic development projects that will facilitate the redevelopment of properties within Downtown Canyon. The vision and justification for transforming the downtown area are outlined in the Canyon Comprehensive Plan (2018) and ongoing Downtown Master Plan project.
See the Map for more information: