TIRZ Information

On Thursday, March 28, 2024, the Abilene City Council approved a guaranteed maximum price (GMP) of $9,548,653 for the Cypress Street Improvement Project with Teinert Construction.

The majority of funding for this transformative initiative will be sourced from Tax Increment Reinvestment Zone #2 (TIRZ #2). This reflects a strong and united collaborative effort between public and private stakeholders, all working together to drive positive change in Abilene. 

Tax Increment Reinvestment Zones operate by freezing property tax revenue within a designated area, with any surplus funds allocated to specific projects within that zone. 

TIRZ #2 covers approximately 1,600 acres. For the roughly 1,600-acre area of TIRZ #2, taxes collected above an initial amount of $114.7 million get put into the TIRZ fund. Those dollars are earmarked for public works, improvements, programs, and other projects benefiting the TIRZ #2 area.

Designed to prioritize pedestrian safety and enhance the overall aesthetic appeal of Downtown Abilene, the Cypress Street Improvement Project aims to create a vibrant and inviting environment for residents and visitors, focusing on beautification and functionality. 

The strategic investment is a cornerstone for Abilene's economic development efforts to attract and retain a skilled workforce by fostering a dynamic and attractive city center.