City Councilman Gil Hernandez detailed new plans Monday to boost development in the London area through a Tax-Increment Reinvestment Zone (TIRZ).
The initiative is designed to support infrastructure expansion and promote sustainable development in the London area.
“The goal is to manage growth responsibly, focusing on controlled, higher-density development rather than sprawling large tracts,” Hernandez said. “This is a tool to help pay for streets, storm drains, and other infrastructure.”
At a meeting in the city’s chambers, Hernandez and city officials presented a map highlighting specific zones in London targeted for development.
Unlike previous TIRZ efforts, the plan for London will be implemented in phases to accommodate the area’s smaller population and infrastructure needs.
“What we did today was develop the financing plan for this TIRZ,” Hernandez explained. “It’s different from past zones because it’s outside the city limits and will be piecemealed. But it’s a way to help pay for developments that weren’t possible before.”
Public improvement districts will also play a role in supporting these projects, Hernandez noted, as the city works to ensure new development meets established standards while encouraging economic growth.