The Bryan City Council met Thursday and read a second and final reading of an ordinance regarding a TIF or tax increment financing, which will affect some major improvements to the downtown area.
"A TIF basically draws a boundary line all the way around a certain, legally described area," said David Storrie of the City of Bryan. "And now what they'll do, they'll determine what infrastructure, what street improvements, water, sewer, underground, electrical, signage, landscaping, all these things go into a plan."
During the meeting, the council designated a boundary zone to which the TIF will apply.
The TIF is said to benefit approximately 259 acres within the downtown area, and will see close to $25 million in improvements.
"It will attract more restaurants, probably more banking will be in downtown, dry cleaners, were hoping bakeries, and a great deal of retail opportunities," said Storrie.
In addition to attracting new businesses within the designated zone, property owners could also expect to see a raise in their property's value, which will also help to fund the issued debt.
"Each year when the Brazos County Appraisal District comes out and looks at your property they assess whether it's more valuable than it was before," said Storrie. "So that increase in increment is what is used to pay the debt associated with the improvements within the zone."
While it may take a while for some of the changes in the downtown area to be seen, the makeover is expected to make downtown Bryan an attractive option for retail and developers.
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