Tax Increment Reinvestment Zone Board 8-8-25

The City of San Angelo's Tax Increment Reinvestment Zone (TIRZ) Board held an emergency meeting on August 8, 2025, primarily to address funding for commercial and residential properties affected by the July 4th flood event in the North Tiers zone. The board discussed setting aside $1 million from the existing $2.5 million TIRZ fund to assist approximately 42 to 45 eligible properties with flood-related damages, proposing a maximum grant amount of $55,000 per property with no required matching funds. The funding would be disbursed primarily as reimbursements, with up to 10% of the grant available upfront upon verification of work and receipts. The board also considered application timelines, recommending a 90-day window for affected property owners to apply following city council approval. Additionally, the board approved opening the South Tiers application window from August 11 through October 1, 2025, to allocate remaining funds. The meeting included discussions on ensuring proper use of funds, staff capacity to manage applications, and coordination with other relief programs. No public comments were received during the meeting.