“It\u2019s done what it needs to do,” Jones said at a Wednesday evening town hall on the northeast side.\u00a0<\/p>\n
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TIRZ zones, or Tax Increment Reinvestment Zones, are one of the tools the city uses to fund major projects and redevelopment. When a zone is established, a property tax baseline is established, and growth in property tax dollars is collected over time and set aside for those projects.\u00a0<\/p>\n
The Midtown TIRZ\u00a0<\/a>was initially established in 2008; it covers northern areas of downtown and extends across Interstate 35 to the north.\u00a0<\/p>\n Currently set to expire in 2041, the Midtown TIRZ \u2014 one of nine currently active in San Antonio \u2014 covers attractions like the Botanical Gardens, the San Antonio Zoo and the Pearl, playing a part in funding improvements at each to the tune of millions of dollars.\u00a0<\/p>\n According to city estimates, the Midtown TIRZ is expected to capture $320.5 million by 2041, along with nearly $2.7 million more in interest. Those are property tax dollars that would otherwise have gone to the city’s General Fund to pay for daily services.\u00a0<\/p>\n Jones said the TIRZ zones have outlived their intended purpose because the area they cover is no longer “blighted.” On Thursday, City Council will vote to extend it to at least 2060.\u00a0<\/p>\n The zone is expected to collect another $580 million in specific-use dollars from 2042 to 2060, if the extension is approved.\u00a0<\/p>\n \u201cWhen we talk about being the third-poorest mayor city in he country, if we don\u2019t want that, we\u2019ve got to do things a little bit different,” Jones said. “That means saying no to the Midtown TIRZ and having that money come back into the General Fund.\u201d<\/p>\n The mayor’s opposition comes as San Antonio leaders continue working to close a budget deficit<\/a> projected to reach $157.7 million by 2028. On the table:\u00a0a property tax increase<\/a>, hundreds of new fees<\/a>\u00a0and 101 city employee layoffs or cut positions.\u00a0<\/p>\n