The City Council of the City of Georgetown, Texas will hold a public hearing at their regular meeting commencing at 6:00 p.m. on November 27, 2018 in the City Council Chambers, 101 E. 7th Street, Georgetown, Texas 78626 to consider the designation of Tax Increment Financing Reinvestment Zone Number Five (Wolf Lakes) under Chapter 311 of the Texas Tax Code (TIRZ) for approximately 164 acres of land in the City limits, generally situated on the northwest corner of IH35 and its intersection with SHW29 depicted below and the adoption of a Preliminary Project Plan and Financing Plan for the proposed TIRZ. Interested persons are entitled to speak and present evidence for or against the designation of the Tax Increment Financing Reinvestment Zone Number Five.
Georgetown has been abusing tax-increment financing (TIRZ) for years, diverting tax dollars from roads, public safety, health & human services, and other essential programs in order to subsidize economic development. The main beneficiaries of TIRZ are a few developers and contractors. City taxpayers are often forced to back fill the lost revenue for essential services by raising taxes and fees.
New developments impose costs on fire and police departments, and other urban services, so city taxpayers must either pay more to cover those costs or accept a lower level of services as services are spread to developments that are not paying for them.
A TIRZ is a seperate legal entity that has its own set of rules to follow. This will require additional staff or staff time to track and assure compliance with State law.
This particular development will increase traffic and thus congestion on Hwy 29, Wolf Ranch Parkway and the I35 frontage road. Where is the money coming from to expand the capacity of the I35 frontage road and especially Wolf Ranch Parkway? That is a rhetorical question as we all know it will come from the productive citizens of Georgetown through taxes!
No matter how well-intentioned, city officials will always be tempted to use TIRZ as a vehicle for crony capitalism, providing subsidies to developers who in turn provide campaign funds to politicians.
This particular development will increase traffic and thus congestion on Hwy 29, Wolf Ranch Parkway and the I35 frontage road. Where is the money coming from to expand the capacity of the I35 frontage road and especially Wolf Ranch Parkway? That is a rhetorical question as we all know it will come from the productive citizens of Georgetown through taxes!
No matter how well-intentioned, city officials will always be tempted to use TIRZ as a vehicle for crony capitalism, providing subsidies to developers who in turn provide campaign funds to politicians.
Show up at the Public Hearing and let the Council know that the City does not need another TIRZ! Development will occur without the City partnering with private developers. Do not lock up future tax revenues that will be needed across the City.
The key question is: Why is the city involved with your tax dollars in economic development? Is that a core function of City government? We believe economic development is 100% the responsibility of the private sector!
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