Skyline TIRZ

Prior to the creation of the TIRZ, a special Municipal Management District (MMD) was established to help fund construction of public improvements and pro-mote development. The district created and named the Mesquite Medical Center Management District titled the project as The Verde Center at Peachtree. The Sky-line Tax Increment Reinvestment Zone (TIRZ) was created in November 2015 with a 30 year term, expiring on December 31, 2045. The TIRZ tax increment is 75 per-cent of the City’s captured value and the City is the lone jurisdiction participating. In December 2016, the TIRZ was reduced to a 60 acre portion related to the Verde Center at Peachtree development. The MMD is a special district that is self-governed and is a political subdivision of the State of Texas. It is governed by a board of directors who may approve a levy of assessments on property within the district to pay for improvements that benefit the property owners within the Dis-trict. With prior approval of the City Council, the district may issue bonds support-ed by assessment revenue. The City has been working to finalize a Master Devel-opment Agreement with the developer to outline the financial structure of reim-bursements provided to the developer.