The City of Midland is reporting that Midland College joined in the effort to improve downtown.
Midland College trustees on Tuesday approved the college’s participation in the Tax Increment Reinvestment Zone (TIRZ), which will help deliver revenues to reinvest into improvements downtown.
District 2 Councilman John Norman, whose district includes downtown, stated the benefits will include infrastructure and public improvements, economic development, property value appreciation and enhanced quality of life for all Midlanders.
“I believe that the establishment of the downtown TIRZ will be instrumental in fostering economic growth and revitalization downtown,” Norman said.
Midland College and the Midland County Hospital District have joined the City of Midland with an endorsement of the TIRZ and the benefits it is expected to bring to the community.
The TIRZ could provide as much of $120 million in revenue from participating downtown properties over a 30-year term. That investment could be used for lighting, safety, parking and trash projects, including signage, alley revitalization and other improvements. It also provides a funding source for the Centennial Entertainment Overlay District, which will be used to promote a vibrant and active core in Midland’s central business district.
“By establishing this TIRZ in downtown Midland, it will significantly contribute to its growth and prosperity,” Norman stated.