MIDLAND, Texas (KMID/KPEJ) – The City of Midland has announced that it is considering re-establishing a downtown TIRZ, or tax increment investment zone.

The goal of the zone would be to promote economic development and redevelopment in specific areas of the city. The TIRZ would capture increased property tax revenue, generated by a development project, and re-invest it back into the same area to help fund public infrastructure.

The proposal for downtown currently focuses on 449 acres, re-investing in things like a farmers market, a food truck, alley and lighting improvements, better parking options, and hotel development.