W.F. TIF Zone #4 Could Also Benefit Wichita County Tax Revenue
One of the things on the Wichita County Commissioners Court's Monday agenda, is a briefing on the Tax Increment Finance Zone #4. The zone would cover downtown Wichita Falls, replacing the expired TIF Zone #1.
The City of Wichita Falls proposed the new zone, but needs county approval first because it would affect tax revenue in Wichita County.
Leaders say a TIF Zone takes tax money and reinvests it into the TIF area. Meaning the county will not receive any tax money from that area, until the TIF expires.
Wichita County Judge Woody Gossom said it's a good thing for the county, because in the end it will add more to the tax base. Judge Gossom said as the TIF zone grows, more people will be going to that area.
There has to be a public meeting before commissioners can give final approval to enact the TIF Zone. Judge Gossom said that public meeting will be held in the near future. Stay with Newschannel 6 for more information. Commissioners court starts Monday at 10:00a.m.