What local governments created a new special district for transportation funding? Weatherford & South Padre Island with Cameron Cunty
What is the goal of the new special district? spur development along the Interstate 20 corridor in Weatherford & improve Padre Boulevard
How will the new special districts funding work?
- Property tax revenue continues collection
- the local governments will designate to the TIRZ fund a portion of the additional property tax revenues as development occurs
What is Weatherford’s estimated investment in the zone? $23 million
What is estimated to be South Padre Island investment in the zone? $8.2 million by 2026