Page 36 - Murfreesboro, TN Comprehensive Plan: Chapter 7, Economic Development

EXHIBIT "A"
Reinvestment Zone Number 1, City of McKinney
7.36 Chapter 7
DRAFT 12.02.15

FIGURE 7.10, TAX INCREMENT REINVESTMENT ZONE
Railroad (TIRZ) purpose of the BID if to encourage development by
University Dr. (US 380)
reimbursing itself for development fees associated
McDonald St. (SH 5)
with improvement permits while not having to levy
Community Ave. White Ave. additional taxes – though additional taxes are an
option cities could utilize in an improvement district.
Cities may also employ Tax Increment Financing (TIF),
which typically requires the formation of a district, as
Airport Dr. Columbia, Missouri is in the process of establishing. As
previously discussed in this chapter as well as in Chapter
2, Growth Capacity and Infrastructure, TIF freezes sales
and property tax revenues at the current rate for several
Virginia Pky. years. Increases in tax revenues are then used by the
Louisiana St. city to pay for city-approved projects within the district.
The City of McKinney, Texas has established a Tax
Increment Reinvestment Zone (TIRZ) in their existing
town center. A TIRZ is a form of tax increment financing
which captures the projected increase in tax revenue
(increment) that is created within the boundaries of the
zone (refer to Figure 7.10, Tax Increment Reinvestment
U.S. 75 Zone). The funds are then reinvested into the zone
through public improvements and other development
projects.
As discussed, business incubators are another tool
cities can provide, through public/private partnerships,
in order to attract new, smaller businesses. The City
Eldorado Pky. Industrial Blvd. of Charlottesville provides a Business First Visitation
Program through their Economic Development
Department. The purpose of Business First is to assist
businesses by developing strategies for increasing
their profitability. The city provides assistance through
education and training of new employees to managers,
business planning, general business operating
assistance, and product development. Athens-Clarke
County, Georgia works alongside the University of
Georgia and their BioBusiness Center business incubator
through the Office of the Vice President for Research.
Collin McKinney Pky. TIRZ No. 1 Boundary ¯ technology research companies, incubators can be for
While the Georgia BioBusiness Center is focused on
Medical Center Dr.
a variety of different business types. Regional Economic
McKinney City Limits
Development, Inc. (REDI) in Columbia, Missouri offers
Spur 399 Railroad Not to Scale a downtown incubator for startup businesses in the
region. Instead of companies renting workspaces in
large office buildings, they rent time in the incubator
S.H. 121 Figure 7.9, Business Improvement District (BID), Cary, space which is equipped with desks, WiFi, meeting
North Carolina established a business improvement rooms, and mentors from REDI.
district (BID) in the downtown area as a part of its Cities can be capable of providing different types of
redevelopment plan. The town waived development building improvement grants to businesses relocating
fees for three years for new private businesses locating to their city. Both Greenville, South Carolina and Cary,
in downtown, spurring development interest. The North Carolina provide façade improvement grants that

REGIONAL ECONOMIC DEVELOPMENT INC. (REDI)
Columbia, Missouri