SAN BENITO — The city’s business zone continues to steadily pump revenue into its special account.
Last year, the tax increment reinvestment zone apparently generated about $200,000 worth of property tax revenue.
Earlier this week, Finance Director Belen Peña told
city commissioners the zone’s revenues had climbed to $1.2 million.
Last year, officials said the zone had generated a total of $1 million since its establishment in 2008.
As part of an agreement, Cameron County is expected to match that amount, City Manager Manuel De La Rosa said during Tuesday’s meeting.
Under that agreement, the city is required to transfer newly generated revenue into the tax zone’s account.
A tax increment reinvestment zone captures increases in taxable property values within its boundaries. The city uses property tax revenue derived from these increases to finance public improvement projects within the area.
