BRIEF: Commissioners to consider tax abatement, reinvestment zone

March 04--The Hunt County Commissioners Court is planning to help create a new tax abatement agreement and reinvestment zone, possibly to assist with landing an economic prospect to Greenville.

A public hearing concerning the proposal is scheduled during the March 13 regular session, starting at 10 a.m. in the Auxiliary Courtroom, at 2700 Johnson Street in Greenville.

Under tax increment reinvestment, also known as tax increment financing, a portion of the taxes assessed on increased property values is used to help repay the investment provided to install the infrastructure needed in the zone.

The proposal is to designate 29.483 acres of land as the 4300 Jackson Street Reinvestment Zone and to consider approval of a tax abatement agreement within the zone.

Both the commissioners and the Greenville City Council met late last month concerning Project Cloth, one of the business prospects recently discussed by the Greenville Board of Development/4A Corporation. The projects have been identified by code names as negotiations have continued between city officials and the businesses.

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