Sulphur Springs appoints chairperson to TIRZ
Sulphur Springs – The City of Sulphur Springs has appointed a chairperson and board of directors for the City's Tax Increment Reinvestment Zone (TIRZ).
Council members also Tuesday formally approved the participation of the Hopkins County Memorial Hospital District in the TIRZ.
The TIRZ will pay for public infrastructure improvements, such as water and sewer lines and roads, within a specific area identified for development, without taxing citizens. Money for these projects is to come from incremental property taxes, and possibly sales taxes, resulting from development constructed within the TIRZ. The TIRZ would only charge a tax on improvements made within the zone with the taxes collected going to pay off the cost of the improvements.
Sulphur Springs recently completed their $433,000 Main Street Project, and hope to redevelop its Downtown Square in the near future.
Under the agreement approved Tuesday, The Hopkins County Memorial Hospital District will contribute 25 percent of increased tax revenues generated from the TIRZ toward additional city improvements. The City of Sulphur Springs and Hopkins County have already agreed to contribute 100 percent to the TIRZ.