Tax plan to encourage continued Sherman growth - KTEN.com - No One Gets You Closer

Tax plan to encourage continued Sherman growth

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KTEN KTEN

SHERMAN, Texas -- New buildings are popping up all over Sherman. On Monday, the City Council approved a new way to help fast-forward this growth.

This marks the first time the city of Sherman and Grayson County are working together on a project like this.

The City Council approved something called a "tax increment reinvesting zone." But this tax money isn't coming from citizens.

"Because we're able to take basically 75 percent of the City of Sherman and 75 percent with Grayson County of the future value of the properties here, that money will be reinvested into this infrastructure," City Council member Shawn Teamann explained.

This zone is at the northwest corner of US 75 and FM 1417. Developers say this tax system speeds up the process of growth, because it gives them the green light to fully develop this center now.

Usually, new streets don't have funding until way down the line. But these funds have already been set up for some time. When the development is done and the tax revenue starts to come in, the infrastructure costs will be repaid.

The city used this same process for the Sherman Town Center and it was able to pay itself back in one-and-a-half years.

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