• TIRZ – Tax Increment Reinvestment Zone (TIRZ) – a public sector financing and development tool. Cities use a portion of future property tax increases to plan and implement civic infrastructure and economic development improvements.
• Priority Projects – projects identified by the Dripping Springs TIRZ board that advance civic infrastructure and economic development needs. The four priority projects include 1). Town Center, 2). Old Fitzhugh Road, 3). The “Triangle” and 4). Downtown parking. These projects are currently in the visioning, conceptual planning and feasibility study stages.
• Town Center – one of four current priority project of the Dripping Springs TIRZ. This proposed project would benefit the stakeholders who are partners in the TIRZ, provide public benefit by boosting civic infrastructure and amenities and government services, and improve economic development prospects for the city at large. The purpose of the Town Center project is to redevelop underutilized property that is currently owned by the City of Dripping Springs and the Dripping Springs Independent School District near the western end of Mercer Street. The redevelopment of the area will potentially provide space for school, county, community library, and city administration as well as private commercial space. Additionally, the idea of the Town Center will strengthen the economic vitality of the Mercer Street Historic District and Downtown Dripping Springs as a destination, and provide a new focal point for the citizens of Dripping Springs. The TIRZ Project Team has developed a conceptual plan of this Town Center vision which the Board and Project Team is currently advancing with “proof of concept,” market feasibility, and Stakeholder engagement and outreach efforts.
• TIRZ Board – the group of seven Dripping Springs and Hays County citizens representing the stakeholder groups with a partnership interest in the Dripping Springs TIRZ. The board does research, sets priorities, promotes conceptual planning & engineering projects, and develops recommendations where are presented to city council for approval.
• Stakeholders – the community partners involved with the Dripping Springs TIRZ. The partners include the City of Dripping Springs, Hays County, Dripping Springs ISD, and the Dripping Springs Community Library. The City of Dripping Springs and Hays County are the principal taxing entities and primary contributors of tax incremental for the TIRZ, as governed by an executed Inter-local; Agreement. Other identified partners are either principal property owners, community institutions or civic entities within the TIRZ and will be partners and beneficiaries in the outcome of the project. For example, the Dripping Springs ISD and the City of Dripping Springs are principal land owners in the area of TIRZ 1 and so stand to be will be major participants in the Town Center Project. Also, both the City and Hays County are providing up front funding, to be reimbursed by future tax dollars to get the TIRZ “moving.”